23. Consider the following limit orders (each for 100 shares) on stock XYZ: ...
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23. Consider the following limit orders (each for 100 shares) on stock XYZ:
Bid Ask
$9.04 $9.08
9.03 9.09
9.10
The specialists bid and ask prices are $9 and 9.10, respectively. Now, suppose a market buy order arrives and neither the floor brokers nor the specialist participate. At what price will the buy order be executed?
$9.03
$9.04
$9.08
$9.09
$9.10
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