9. A Level I quote shows: (a) the best bid and offer price from Nasdaq member firms; (b) the best bid and offer prices and the largest depth; (c) a of the offers to buy and sell and their respective depths; (d) the specialist's order book. 10. The Nasdaq Level II display shows: (a) the best bid and offer price from NASD member firms; (b) the best bid and offer price from market makers and ECNs; (c) all of the offers to buy and sell from both market makers and ECNs and their respective depths; (d) the specialist's order book. 11. The biggest risk from placing a market order is: (a) slow execution (b) a partial fill: (c) receiving a price away from the inside market; (d) higher commissions; 12. A trade filled at a sub-penny price: (a) was likely internalized by a dealer; (b) matched a corresponding sub-penny quote; (c) was the result of a market order; (d) did not occur on a dark pool. 13. Trading outside of market hours, 9:30 AM to 4:00 PM: (a) is illegal (b) occurs only on ATSs; (c is futile because spreads are too wide; (d) is risky because you do not have national market protection; 14. You can trade Tape A stocks on: (a) Nasdaq; (b) NYSE; () ARCA; (d) all of the above