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Consider the following limit order book of a specialist. The last trade in the stock occurred at a price of 23.50. Assume this represents

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Consider the following limit order book of a specialist. The last trade in the stock occurred at a price of 23.50. Assume this represents the entire available market for this security. Specialists (market makers) willing to buy at the BID or SELL at the asking prices, respectively: BID SHARES ASK SHARES 23.48 500 23.52 500 23.46 500 23.54 500 23.41 2000 23.59 500 23.36 2500 23.64 1200 23.27 5000 23.73 1000 If a market BUY order for 500 shares comes in for a client, at what price will it likely be filled? 23.46 23.48 O 23.52 O 23.54 O 23.50

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