Roberto directed his broker to buy 75 shares of New Mexico Technologies at the best possible price available that day. These directions indicate that Roberto placed a ________ order with his broker.

Question

Quizplus · Accepted Answer

Roberto's directions indicate that he wants the purchase to be made at the best possible price available that day, which is characteristic of a market order. A limit order would specify a maximum price that Roberto is willing to pay for the shares, so it is not the best choice. Margin and split orders are unrelated to the type of order Roberto is placing.

Roberto Directed His Broker to Buy 75 Shares of New