According to an article in the Economist$$ magazine:

In $1958$ American onion$$ farmers, blaming speculators for the volatility of their$$ crops' prices, lobbied a congressman

from Michigan named Gerald Ford to ban trading in onion futures. Supported by the$$ president$-$to$-$be$,$ they got their

way. Onion futures have been prohibited ever since.

$$Source:$$ "Over the$$ Counter, Out of$$ Sight," Economist$,$ November$12,2009.$

Part $2$

Is it likely that banning trading futures contracts in onions reduced the volatility in onion$$ prices? Are onion farmers as a group better off because of the$$ ban?

A$.$

$$No$,$ volatility is driven by changes in supply and$$ demand, so banning onion futures has likely eliminated the ability of onion farmers to hedge against volatile onion$$ prices, making them worse off as a group.

B$.$

$$Yes$,$ by prohibiting the sale of onion$$ futures, farmers can better hedge against volatile onion$$ prices, making them better off as a group.

C$.$

$$Yes$,$ by prohibiting the sale of onion$$ futures, it removed speculators from the market and thus reduced price$$ volatility, making onion farmers better off as a group.

D$.$

$$Uncertain$,$ even though banning onion futures eliminated the ability of onion farmers to hedge against volatile onion$$ prices, onion farmers can sell onions at a higher price$$ now, making them better off as a group.