Hal is a market maker in ABCD common stock traded in the OTC Market. ABCD is currently quoted 36 1/8 - 37 7/8. Assuming no change in the spread, if Marcy wishes to buy stock in ABCD, she should expect to pay:

At least 37 7/8 per share

Less than 37 7/8 per share

No more than 36 1/8 per share

More than 36 1/8 per share, but less than 37 7/8 per share