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A futures contract I. obligates the buyer of the contract to buy a specified amount of a commodity. II. grants the buyer the right

A futures contract I. obligates the buyer of the contract to buy a specified amount of a commodity. II. grants the buyer the right to either buy or sell a specified amount of a commodity. III. uses specified settle prices that vary with the type of commodity. IV. establishes the delivery price based on the selling price of the futures contract. a. I and III only b. I and IV only c. II and III only Od. II and IV only

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