If you call a local brokerage fi rm, you will fi nd that the commission or brokerage fee charged for purchasing $10,000 of T-bills is less than the fee associated with purchasing $10,000 of, say,...

If you call a local brokerage fi rm, you will fi nd that the commission or brokerage fee charged for purchasing $10,000 of T-bills is less than the fee associated with purchasing $10,000 of, say, municipal bonds issued by the City of Cincinnati. Explain why.

Discuss the major function of market makers in securities markets. What is the difference between a broker and a dealer?