. Which of the following best describes the call bid/ask spread?

1. The bid will be more than the ask
2. The ask will be more than the bid
3. Both bid and ask surround the theoretical price
4. Answers a , c
5. Answers b , c

   . Which of the following best describes Gamma

6. Change in Call Px in response to a $1 change in Stock Px
7. Change in Call Px in response to a 1% change in Stock volatility
8. Change in Delta in response to a 1 day change in expiration
9. Change in Delta in response to a 1% change in interest rates
10. None of the above