Can someone answer some questions about stock quotes?

I understand that the ask is the lowest price someone would sell a share for and bid is the highest someone would buy a share for, but what sets these prices?

Say the current ask for stock XYZ is $9.95 for 100 shares and then someone submits a sell order for $9.90 (100 shares), would the new ask price be set to $9.90 on the next quote? Then say I submit a market buy for XYZ for 200 shares, would I get the first 100 shares for $9.90 and then the next 100 for $9.95?

I guess my main question is: does the ask/bid change with each order submitted? If not, how are the bid/ask set based on the current price?

Submitted December 30, 2017 at 02:31PM by PhilliesJawn http://ift.tt/2C1QHHL