underbid v.

Old English under (prep.) "beneath, among, before, in the presence of, in subjection to, under the rule of, by means of," also, as an adverb, "beneath, below, underneath," expressing position with reference to that which is above, from Proto-Germanic *under- (source also of Old Frisian under, Dutch onder, Old High German untar, German unter, Old Norse undir, Gothic undar), from PIE *ndher- "under" (source also of Sanskrit adhah "below;" Avestan athara- "lower;" Latin infernus "lower," infra "below").

Productive as a prefix in Old English, as in German and Scandinavian (often forming words modeled on Latin ones in sub-). Notion of "inferior in rank, position, etc." was present in Old English. With reference to standards, "less than in age, price, value," etc., late 14c. As an adjective, "lower in position; lower in rank or degree" from 13c. Also used in Old English as a preposition meaning "between, among," as still in under these circumstances, etc. (though this may be an entirely separate root; see understand).

Under the weather "indisposed" is from 1810. Under the table is from 1913 in the sense of "very drunk," 1940s in sense of "illegal" (under-board "dishonest" is from c. 1600). To keep something under (one's) hat "secret" is from 1885; to have something under (one's) nose "in plain sight" is from 1540s; to speak under (one's) breath "in a low voice" is attested from 1832.

probably an early Middle English mutual influence or confusion of two older words: The sense in bid farewell is from Old English biddan "to ask, entreat, beg, pray, beseech; order" (class V strong verb, past tense bæd, past participle beden), from Proto-Germanic *bedjanan "to pray, entreat" (source also of German bitten "to ask," attested in Old High German from 8c., also Old Saxon biddian, Old Frisian bidda"ask, request command," Old Norse biðja, Gothic bidjan "request"). This, according to Kluge and Watkins, is from a PIE root *gwhedh- "to ask, pray" (see bead (n.)).

To bid at an auction, meanwhile, is from Old English beodan "offer, proclaim" (class II strong verb; past tense bead, past participle boden), from Proto-Germanic *beudanan "to stretch out, reach out, offer, present," (source also of German bieten "to offer," Old High German biatan, also Old Saxon biodan, Old Frisian biada, Old Norse bjoða, Gothic anabiudan "to command"). This is (with a shift of meaning) from PIE root *bheudh- "be aware, make aware" (source also of bode (v.)).