giants2010

Alright, I checked this out. They stopped doing it the way I described in 1998. Geez, I feel old. Anyway, I got it right on my CFA exam.
Your a) above is correct as it stands.
And:
“Advantages of competitive bids:
A) Can buy in greater quantities (per your $5M max for NC bids)
B) Know the maximum price you’ll be filled at. Can potentially be lower if you bid a higher price than what is awarded to all bidders.
”
looks correct.
Just to sound cool, the yield at which all securities are sold is called the “stopout” yield.