An oil exploration & production company wants price protection from falling oil prices. That is they will be selling oil and so want to hedge against oil prices declining. They decide to buy a put option on oil futures to protect against falling prices. But they want a lower cost of hedging and decide to construct a collar strategy. Which of the following will they do (select only one response)? (a) Buy a call option (b) Sell a call option (c) Buy a put option (d) Sell a put option (e) All of the above