Which of the Following Is an Accurate Description of the "No

Multiple Choice

Which of the following is an accurate description of the "no speculation" asset market set up in the study by Lei, Noussair and Plott.

A) Buyers and sellers can engage in a continuous double auction; this means that at any point of time, buyers can submit bids to buy or accept standing offers to sell while sellers can submit offers to sell or accept standing bids to buy.
B) Buyers can only buy shares but cannot re-sell shares once purchased. Sellers can only sell shares but cannot purchase shares or re-purchase shares sold.
C) The buyer bids to buy and seller offers to sell are aggregated to create the underlying demand and supply curves and all trade takes place at the calculated market equilibrium price.
D) Bids to buy must be ascending, i.e., any bid must be higher than the current lowest bid. Offers to sell must be descending, i.e., any offer must be higher than the current highest offer.