GOING RATE & what is SEALED BID?

In setting the price what are GOING RATE & what is SEALED BID?

Seal Bid means offer price in a secret way and” Going rate” mean market prevailing rate of a particular commodity.

For example in auction, we can see that there are two types of bidding process. One is that people are openly offering the price for that commodity or sometime (usually offered on the market value of that commodity), bidders are asked to put their offer in sealed envelop. This is known as seal bid.