15. The spread between bid and offer A gets wider as the volume increases B gets narrower as the volume increases C is entirely up to the firm which is making a market in the stock D is generally fixed for the trading day

16. The so-called 5% policy pertains to A mark ups on retail OTC transactions excepting new issues B commissions on NYSE trades exclusively C mark ups, mark downs and commissions on retail secondary market trades in municipal bonds D none of the above

17. The principal difference between a selling syndicate and a selling group would be: A commissions earned B Eastern versus Western liability C commitment D all of the above