On its July 26, 2014 balance sheet, Cisco Systems, Inc. reports available-for-sale investments with a value of $45,348 million. As available-for-sale securities, these investments are reported at their fair value, and Cisco provides the following information in its footnotes.

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Available-for-sale investments: U.S. government securities U.S. government agency securities. Non-U.S. government and agency securities Corporate debt securities... Mortgage-backed securities Publicly traded equity securities July 26, 2014 Fair Value Measurements Total Level 1 Level 2 Level 3 Balance $31,734 1,063 $31,734 1,063 861 9,159 861 - 9,159 579 579 $1,952 $ 1,952 a. Explain the differences between the three columns labeled Level 1. Level 2 and Level 3. b. Are all of these investments "marked-to-fair value"? If not, which ones are not marked-to-fair value? Which investment values do you regard as most subjective? Least subjective? C. If Cisco needed to raise cash to take advantage of an investment opportunity, which of these investments do you regard as most liquid (ie., most easily turned into cash)? Least liquid?