The ________ can be viewed as the price charged by dealers for supplying immediacy together with short-run price stability (continuity or smoothness) in the presence of short-term order imbalances.

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The bid-ask spread is the difference between the highest price that a buyer is willing to pay for an asset and the lowest price that a seller is willing to accept. It represents the cost of trading and includes the dealer's compensation for providing immediacy and short-run price stability in the face of short-term order imbalances. The bid-ask spread is a common measure of liquidity and is influenced by various factors such as market conditions, order size, and volatility.

The ________ Can Be Viewed as the Price Charged by Dealers