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23. A company declares a 4-for-one stock split; the firm's stock has call options written on it. The stock has a current price of $80. If the traditional option assumption of protection against "changes" is in place, then the characteristics of this option change in which of the following ways: a. the terms do not change; b. the strike price rises to reflect the additional shares and the option allows the holder to purchase one share at the new price; c. the strike price is reduced to $20 and the option gives the holder the right to purchase four shares: d. the option value decreases by one fourth, while the stock price is reduced to $20. 24. If a single individual acts as the market maker and keeps the record of limit orders without making information concerning the limit orders available to other traders, then this is referred to as a system of: a market makers b. specialists c. order book officials d. floor buyers 23. A company declares a 4-for-one stock split; the firm's stock has call options written on it. The stock has a current price of $80. If the traditional option assumption of protection against "changes" is in place, then the characteristics of this option change in which of the following ways: a. the terms do not change; b. the strike price rises to reflect the additional shares and the option allows the holder to purchase one share at the new price; c. the strike price is reduced to $20 and the option gives the holder the right to purchase four shares: d. the option value decreases by one fourth, while the stock price is reduced to $20. 24. If a single individual acts as the market maker and keeps the record of limit orders without making information concerning the limit orders available to other traders, then this is referred to as a system of: a market makers b. specialists c. order book officials d. floor buyers