A trader is hedging when he or she has...

a) a position in two or more different markets to lock in a profit

b) an exposure to the price of an asset and takes a position in a derivative to offset the exposure

c) none of these

d) no exposure to offset and is betting on the future movements in the price of the asset

it cannot be d because that is when a trader is speculating. so what is the answer when they are hedging