On March 1, the spot price of a commodity is $300 and the December futures price is $315. On November 1, the spot price is $285, and the December futures price is $281. On March 1, a producer entered a December futures contract to hedge the sale of the commodity on November 1. It closed out its position on November 1. What is the effective price received by the producer? a. $ 319.00 b. $ 318.00 c. $ 317.00 d. $ 320.00