You are in charge of determining the order precedence rules for the Upsilon Stock Exchange, which operates as a continuous electronic limit order book. If Upsilon's goal is to attractsmall market orders, what order precedence rule should Upsilon use to decide which standing limit order trades against incoming market orders?

a.Price, size, time.

b.Price, time, size.

c.Size, price, time.

d.None of the above.

In a crossing network that uses derivative pricing rules:

a.The price is determined based on supply and demand.

b.There's the possibility of price manipulation.

c.Traders submit quantities and prices at which they want to trade.

d.None of the above

Theuniform pricing ruleis commonly used for:

a.Opening or closing the market

b.U.S. Treasury auctions

c.Some IPOs

d.All of the above.

e.Only a. and b.

f.Only b. and

Circle the most accurate statement.

a.Price is not used to equilibrate supply and demand in continuous markets that use the discriminatory pricing rule to arrange trades.

b.Price is not used to equilibrate supply and demand in call markets that use the uniform pricing rule to arrange trades.

c.Price is not used to equilibrate supply and demand in crossing networks that use the derivative pricing rule to arrange trades.

d.Each of the above statements (a, b, and c) is incorrect.