Which one of the following is NOT a trading cost?
A) payment of brokerage commissions and other fees
B) The investor must buy from the trader at the trader's high sell price and must sell to the trader at the trader's low bid price.
C) When the market is not very liquid, and an investor's trade is a relatively large one, it can adversely affect the price the investor gets.
D) The price on the trade falls when the investor buys or rises when the investor sells.
Answer: D
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