As asymmetric information is a major reason for dealers to quote a bid-ask spread, transaction prices reflect the information conveyed by transactions. Thus, to reflect the information conveyed by a sale, a transaction at the bid cause

• a) a fall in both bid and ask prices.
• b) the bid price to rise and the ask price to remain unchanged.
• c) rise in both bid and ask prices.
• d)the bid price to fall and the ask price to remain unchanged.
• e) a rise in bid and fall in ask prices.