Interest rates are zero. A European call with a strike price of $50 and a maturity of one year is worth $6. A European put with a strike price of $50 and a maturity of one year is worth $8. The current stock price is $49 and the stock does not pay any dividends. This creates an arbitrage opportunity according to put-call parity.

How would an investor take advantage of the arbitrage opportunity?

The investor will take a [ Select ] ["short", "long"] position in the call option, a [ Select ] ["short", "long"] position in the put option and a [ Select ] ["long", "short"] position in the stock.