Question: Using the binomial tree, if we price an American call or put option, is the market complete? Using the binomial tree, if we price a

  1. Using the binomial tree, if we price an American call or put option, is the market complete?
  2. Using the binomial tree, if we price a European UAO call option, is the market complete?
  3. Describe market completeness in mathematical terms.
  4. Describe market completeness in non-technical terms. Be concise, but specific.

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