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The following statements compare a highly liquid asset against an (otherwise similar) illiquid asset. Which statement is most likely to be false ? Explain why.

The following statements compare a highly liquid asset against an (otherwise similar) illiquid asset. Which statement is most likely to be false? Explain why.
1. It is possible to trade a larger quantity of the liquid asset without affecting the price
2. The liquid asset has a smaller bid-ask spread
3. The liquid asset has higher price volatility since it trades more often
4. The liquid asset has higher trading volume

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