Imagine that you have placed a limit order to buy 100 shares of Sallisaw Tool at a price of $38, although the stock is currently selling for $41. Discuss the consequences, if any, of each of the following situations.
a. The stock price drops to $39 per share 2 months before cancellation of the limit order.
b. The stock price drops to $38 per share.
c. The minimum stock price achieved before cancellation of the limit order was $38.50.
When the limit order was canceled, the stock was selling for $47.50 per share.