Jake purchases a house, gets a loan from his aunt and a mortgage. His aunt records her loan May 1; the bank records its loan May 10. Jake hires a contractor in June to build a deck. Jake loses his job and never pays the contractor, the bank, his aunt, or his property taxes. When the bank forecloses, in what order will the liens be paid?

Trade will take place: a. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. b. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. c. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. d. none of the above.