1. An option strategy in which you hold a long position in both a put and a call option with the same strike price is called

A) portfolio insurance.

B) a strangle.

C) a straddle.

D) a butterfly spread.

A credit default swap is essentially a

A) call option on the firms debt.

B)put option on the firms debt.

C) call option on the firms assets

D) put option on the firms assets.