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Which of the following statements is NOT true regarding convenience yield? a . Convenience yield reflects the incentive of the end user to pay a

Which of the following statements is NOT true regarding convenience yield?
a. Convenience yield reflects the incentive of the end user to pay a premium to have
energy delivered now
b. Whenever convenience yield is positive the market is in backwardation
c. Convenience yield may vary due to seasonal effects
d. Convenience yield is unobservable
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