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C. indicating that Cliff expects the price of Gap, Inc. to rise.
D. referred to as a short sale.
When Cliff places an order to sell shares of GPS, a stock he doesn't own, on his broker's
website, it is referred to as a short sale. A short sale is defined as the sale of borrowed stock and is placed
by an investor who expects the price of that stock to fall in the near future, at which point the investor will
buy it back at a lower price and return it, profiting from the price differential.
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