Answer :
Final answer:
Among the given options, the response by a market maker that would be considered a firm quote is option [D] 15 - 15 1/2. This is due to the definitive bid-ask spread with no additional conditions present.
Explanation:
The question asks which response by a market maker would be considered a firm quote among the given options. This refers to a situation in finance and investment, specifically in the world of stocks and trading. A firm quote in this context refers to a bid or offer price for a security or commodity that a trader commits to honoring and not altering. It represents a legally binding commitment to buy or sell at the quoted price.
Given the options: [A] 25 - 25 1/2 work out, [B] 32 - 32 1/2 subject, [C] 20 BID - OW, and [D] 15 - 15 1/2, the firm quote would be option [D], 15 - 15 1/2. This is a firm quote because it represents a definitive bid-ask spread with no additional conditions or stipulations mentioned. The other quotes all have extra variables or conditions attached, such as 'work out' or 'subject', which means they are not firm quotes.
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