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Arbitrage describes which one of the following: a. Selling securities that you do not own. b. Refinancing debt when interest rates decline. c. A trading

Arbitrage describes which one of the following:

a.

Selling securities that you do not own.
b.

Refinancing debt when interest rates decline.
c.

A trading halt on the floor of the exchange.
d.

Making profits without taking on any risk.
e.

All of the above.

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