1)A market participant believes that the price of oil will fall and consequently borrows oil commodities from a dealer and sells the commodities. After the price eventually does fall, the participant buys oil commodities on the open market and returns them to the broker who made the original loan. Which of the following describes this situation?

a.A speculator taking a long position

b.A hedger taking a short position

c.A speculator taking a short position

d.A hedger taking a long position