A uniform price auction otherwise known as a "clearing price auction" is a multiunit auction in which a fixed number of identical units of a homogenous commodity are sold for the same price. Each bidder in the auction may submit (possibly multiple) bids, designating both the number of units desired and the price he/she is willing to pay per unit. Typically these bids are sealed - not revealed to the other buyers until the auction closes. The auctioneer then serves the highest bidder first, giving them the number of units requested, then the second-highest bidder and so forth until the supply of the commodity is exhausted. All bidders then pay a per unit price equal to the lowest winning bid (the lowest bid out of the buyers who actually received one or more units of the commodity) - regardless of their actual bid. Some variations of this auction have the winners paying the highest losing bid rather than the lowest winning bid.