Consider the queued orders in the following call auction.

Price	Buy Quantity	Sell Quantity
$8.01	0	2900
$8.09	0	2300
$8.11	0	1800
$8.20	1900	2600
$8.22	1700	0
$8.27	800	0
$8.34	2000	1500
$8.45	1900	0

The call price is determined by first maximising executable volume and then minimising trading surplus.

If no more orders are entered, the call price would be:

a.

$8.27

b.

Other

c.

$8.34

d.

$8.22

e.

$8.20