Figure: Demand Curve 
Refer to the figure. What is the maximum amount that buyers are willing and able to pay at a price of $45 per book?
Definitions:
Break-Even Price
The market price that an asset must reach for an investor to recover their initial investment without making a profit or loss.
Call Option
A financial contract that gives the buyer the right, but not the obligation, to buy an asset at a specified price within a specified time.
Premium
Premium often refers to the additional cost above the normal or nominal amount, in contexts such as insurance payments, above-par bond prices, or the price paid for options contracts.
Lookback Options
A type of option which allows the holder to "look back" over the time period of the option to select a price that is most advantageous for exercising their option.
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