Which of the following is an argument used in the theory of normal backwardation normal contango? (choose all that apply) If hedgers hold long positions and speculators holds short positions, the futures price will tend to be higher than expected future spot prices If hedgers hold long positions and speculators holds short positions, the futures price will tend to be lower than expected future spot prices If hedgers hold long positions and speculators holds short positions, the futures price will tend to be lower than today's spot prices If hedgers hold short positions and speculators holds long positions, the futures price will tend to be lower than the expected future spot price