In an auction, what does "times the money" refer to?

"Times the money" in the context of an auction typically refers to a method of bidding where each bidder places a bid based on the number of units being auctioned. Specifically, it means that the winning bid will be multiplied by the number of items in a lot. For example, if an item is auctioned "times the money" and the winning bid is $100 for 5 units, the total price paid would be $500. This method helps ensure that bidders are considering the total value of multiple items rather than just a single item bid price.

The other options represent different aspects of auction processes but do not accurately define "times the money." For instance, a sum total of all bids placed simply aggregates the total amount bid, which is different from the per-unit bid calculation. A bid that includes taxes and fees refers to costs beyond the bid price and is not specifically related to the "times the money" concept. Similarly, a price that is lower than the minimum bid relates to auction bid requirements rather than the multipliers associated with "times the money." Thus, the correct understanding of the term is essential for participating effectively in any auction setting.