Jennifer believes that the price of sugar is too high and that the price will drop within the next calendar quarter. If she wishes to trade based on her belief she should:

Select one:

a. Take a long position in the futures market.

b. Sell sugar in the spot market and take a long position in the futures market.

c. Long sugar in the spot market.

d. Take a short position in the futures market.

e. Take a long spot position and a short futures position.