这是用到哪个知识点？

问题如下：

An advantage of a single-price auction versus a multiple-price auction is that a single-price auction may result in a:

选项：

A.

lower cost of funds and broader distribution among investors.

B.

narrower distribution of large bids because investors must accept bonds at their bid prices.

C.

ranking of bids by prices, where bids from highest to lowest are chosen until the desired issuance amount is reached.

解释：

A is correct. The single-price auction process may result in a lower cost of funds and broader distribution among investors. B is incorrect because multiple-price auctions may result in a narrower distribution of large bids because investors must accept bonds at their bid price. C is incorrect because in both cases, the issuer ranks bids by prices, choosing bids from highest to lowest until the desired issuance amount is reached.