Black (1971) suggests a stock is considered liquid when

	A.	there are always bid and ask prices to trade against if trading a small amount of stock.
	B.	an institutional investor can buy or sell a large amount of stock, in the absence of special information, at prices not different from the current price.
	C.	an institutional investor cannot buy or sell a block of stock, even after factoring in a substantial premium or discount respectively.
	D.	Both A and B.
	E.	None of the above.