IN REFERENCE TO THE DERIVATIVES MARKET, A "HEDGER":

Select one:

a. PLAYS A ZERO SUM GAME.

b. ATTEMPTS TO PROFIT FROM A CHANGE IN THE FUTURES PRICE.

c. SPECULATES THE PRICE MOVEMENT.

d. WANTS TO AVOID PRICE VARIATION BY LOCKING IT A PURCHASE PRICE OF THE UNDERLYING ASSET THROUGH A LONG POSITION IN THE FUTURES CONTRACT OR A SALES PRICE THROUGH A SHORT POSITION.