Which of the following statements is FALSE?

A.

Bid prices exceed ask prices.

B.

On the floor of the NYSE, prior to 2005 market makers (known on the NYSE as specialists) matched buyers and sellers.

C.

On Nasdaq, stocks can and do have multiple market makers who compete with each other. Each market maker must post bid and ask prices in the Nasdaq network where they can be viewed by all participants.

D.

Because customers always buy at the ask and sell at the bid, the

bidminusask

spread is a transaction cost investors have to pay in order to trade.