What is Full Rate/Standard Rate?

Full Rate,Standard Rate or 'Rack Rate'  is supplied by the hotel.It is the
hotel's published retail selling price for 'room' including breakfast and
taxes. Some Hotels have a policy of not giving any discount directly to
the customers and they will only display / show they Full Rate. But,by
biddingfor this property, it's the consumer who decide his/her own price
and not the hotel.

Does anyone ever pay the Full Rate?  They certainly do in busy times
when accommodation is at a premium.