9. Participants in derivatives markets include: I) Hedgers; II) Speculators; III) Arbitrageurs a. II only b. I, II, and III c. I only d. I and III only

10. An Arbitrage opportunity implies that: a. Investor will make risky profits with chance of losses b. Investor will incur losses with certainty c. Investor will make risk-free profits (free lunch) d. Investor will not receive any profits or losses