Which of the following statements regarding bond trading is INCORRECT?
A. The long-term bonds issued by the U.S. government are called Treasury Bills.
B. The long-term bonds issued by state and local governments in the United States are called municipal bonds.
C. A bond that makes no coupon payments (and thus is initially priced at a deep discount) is called a zero coupon bond.
D. The price a dealer is willing to pay for a security is called the bid price.