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Default Locking Excel for Editing

I have a spreadsheet that is available on a shared drive at work.

I've seen it done before where, once the spreadsheet is open by one person,
everyone else can only open it as "read-only." The first person to open the
spreadsheet has the ability to edit it -- thereby, only one person can edit
the spreadsheet at a time.

How do I do this?

Thanks!
 
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