1. Imagine that you have placed a limit order to buy 100 shares of Herr Mining Co. at a price of $68, although the stock is currently selling for $71. Discuss the consequences, if any, of each of the following situations.

   1. The stock price drops to $69 per share two months before cancellation of the limit order.

   2. The stock gradually drops to $65.

   3. The minimum stock price achieved before cancellation of the limit order was $68.50. When the limit order was canceled, the stock was selling for $77.50 per share.