If a stock is initially offered to the public for $20 in an underwriting but the price immediately falls to $15, 1. the firm received $20 a share 2. the initial investors sustain a loss 3. demand exceeded supply 4. supply exceeded demand
A. 1, 2, and 3
B. 1, 2, and 4
C. 2 and 3
D. 2 and 4
Answer: B
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