7. We talked about a hedger trying to reduce "inventory" risk by shorting a futures contract. Which of the following is not a valid reason as to why he did not eliminate this inventory risk by simply selling the commodity in the spot market instead of hedging? a. He does not have the commodity in his possession b. He has liquidity problems in the cash market. C. He believes the cash market price will increase. d. He has high transaction costs in the spot market. e. All of the above are valid reasons