Specialists try to maintain a narrow bid$-$ask spread because:

$1.$ If the spread is too large, they will not participate in as many trades, losing commission income.

$2.$ The exchange requires specialists to maintain price continuity.

$3.$ Specialists are nonprofit entities designed to facilitate market transactions rather than make a profit.

Question $71$ options:

$1$ only

$1$ and $2$ only

$2$ and $3$ only

$1,2,$ and $3$