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2. Which of the following describes normal backwardation? a. Speculators are net long and hedgers are net short b. Speculators are net short and hedgers

2. Which of the following describes normal backwardation?

a. Speculators are net long and hedgers are net short

b. Speculators are net short and hedgers are net long

c. Futures price is expected to rise over time

d. Futures price is expected to fall over time

e. a and c

f. a and d

g. b and c

h. b and d

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