3.

In a best-efforts underwriting offer:

Select one:

a.

tthe investment bank is compensated based on the number of securities sold.

b.

the risk of the securities not selling or not selling at a desired price is borne by the issuing firm, not the investment bank.

c.

typically, the smaller and more risky issues are forced to use this type of offering.

d.

all of the above are true.