Suppose the following are the quotes for bid and ask prices of Chipotle Mexican Grill Inc. $($CMG$)$:

Bid price Shares Ask price Shares

$1560\mathrm{.}131501560\mathrm{.}23200$

$1560\mathrm{.}141801560\mathrm{.}24180$

$1560\mathrm{.}152001560\mathrm{.}25150.$ a$.$Based on the above, if you place a market order to buy $100$ shares of CMG$,$ what is the price you will pay for it$?$ What if you place a market sell order of $100$ shares?

b$.$ What is a limit buy order? In what situation will an investor place a price$-$contingent order instead? Use $1-2$ sentences to explain. c$.$Suppose that you instead purchased the call option of CMG$.$ Briefly explain what a call option is in $1-2$ sentences, and at what prices will the option be in the money.