Which one of the following statements is NOT true about broker markets?
a. Brokers bring buyers and sellers together to earn a fee, called a commission.
b. Brokers' extensive contacts provide them with a pool of price information that individual investors could not economically duplicate themselves.
c. Investors have an incentive to hire a broker because they charge a commission that is less than the cost of direct search.
d. Brokers can guarantee an order because they have an inventory of securities.
Answer: D
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