Question: (a) (4 points) How do dealers differ from brokers? (b) (2 points) Suppose Figure 1 depicts the supply and demand of ABC Company stock shares

(a) (4 points) How do dealers differ from brokers?

(b) (2 points) Suppose Figure 1 depicts the supply and demand of ABC Company stock shares at 10:05am Sydney time last Monday. Three dealers made the following quotes [bid price, ask price]: Dealer X [AUD10, AUD40], Dealer Y [AUD26, AUD27.9], Dealer Z [AUD25, AUD28.5]. Which quote would be executed first and why?

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