Which underwriting arrangement is characterized by the dealer not guaranteeing that all or part of an issue will be sold?

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The key idea is what the underwriter is willing to guarantee. In a best efforts arrangement, the dealer acts as an agent to try to sell the securities but does not promise to buy any portion themselves or guarantee that the entire issue will be sold. If demand is weak, some or all of the issue may remain unsold, and the issuer bears that risk. The underwriter earns a fee or commission for the sales effort rather than a guarantee of proceeds.

By contrast, a firm commitment underwriter would guarantee the sale by buying the whole issue from the issuer and then reselling to investors, assuming the risk of any unsold stock. Shelf registration relates to timing and exposure of the securities over a period, not the guarantee of sale. Private placement involves selling to a limited group of investors, typically with different disclosure and marketing considerations and not about guaranteeing a broad sale of a new issue.