Revised from Wikipedia:
In a FCFS the seller is offering two or more of an identical item for auction. Unlike a standard auction, a FCFS auction may have more than one winning bidder.
Each bidder bids on either all, or a desired number of the auction items, and indicates the price that he/she is willing to pay for each of item. At the end of the auction, all winning bidders will pay the same price for each of their items, which is the lowest qualifying (successful) bid. If there are more successful bids than items available, priority goes to the bidders who submitted their bids first.
~EDIT~
There has been some confusion here so this is a copy/paste from the help forums.
"Ok. I think I may be just over analyzing this. I'm going to get real specific.
There is something I want to bid on. It is a first come, first served fixed price item that is set for "buy it now" at $15. If I get in there at 11:59 PM and bid $15, I win, right? The Dutch auction part of it comes in if no one buys the item at $15 and it begins to lower incrementally, right? So after a set amount of time, the price goes down to $14...and then we see if there are any takers for that. It's the highest price that someone is willing to pay for it, but it is still first come first served, right? So, if three people buy it at $15, but there are still two items up for bid, the price will incrementally go down until someone snatches it up. Am I getting it or no?
The reason I'm a little confused is because it makes no sense to me to call something first come, if at the very end, I can swoop in and outbid someone. you know? That just seems silly. ;) Alright, sorry for my thick-headed-ness. Hope you can answer this with a quick "yes." Thanks for your time! ~Jen"
The answer to your question is yes, because the item you want is Buy It Now with a set price, you will win if you enter your bid first.
However, FCFS has confused the heck (<--PG-13) out of us so we ran a little test auction to see if we could clarify.
Ok, so... A better way to describe it would be Standard Auction with Multiple Items.
There are 10 super cool fic items (how general, right?) up for auction.
I entered 3 in the quantity at $10/per item.
TwiSherry entered 4 in the quantity at $15/per item.
TestUser entered 6 in the quantity at $5 per/item.
Random Someone entered 1 in the quantity at (gasp!) $100/per item.
The result?
Even though Someone bid last, he gets his item because he outbid us at $100
TwiSherry gets her 4 @ $15
I get my 3 @ $10
But poor test user only gets 2 of her requested 6 for $5
A donation of $230 goes to ALSF and we all live happily ever after. ::confetti::
See our super awesome greentastic test as Exhibit A.
Whew. Hope that helps.
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