Which of the following statements regarding T-bill auctions would be FALSE?

I. If your noncompetitive bid for a Treasury bill is successful, then you will pay the same as other successful noncompetitive bidders.

II. If your competitive bid for a Treasury bill is successful, then you will certainly pay less than if you had submitted a noncompetitive bid.

III. Successful competitive bidders pay the highest bid price.

IV. Both the competitive and noncompetitive bidders pay the highest yield.

II and III

I, II, and III

I and IV

II and IV