A client has been following a certain security and tells his broker that he would like to buy it if the price reaches a certain level. The client leaves town for 2 weeks, and during that time, the security rises to the level mentioned as the buying target. The representative should:

the representative cannot take any action without the customer's specific authorization.

Explanation:

In a normal circumstance since the security has hit the level that was mentioned by the client then the representative would normally purchase the security at that level. Unfortunately, since the situation makes no mention whatsoever of the customer giving the representative a written power of attorney over the account; then the representative cannot take any action without the customer's specific authorization. Otherwise, this would be considered illegal.

answer; is usually (less than) the socially optimal level of consumption;

answer; according to the ( irs );