Which of the following statements is TRUE? A long position is taken in a forward or futures market by a hedger when:

Select one:

a. The hedger has a liability to pay in a foreign currency at a future date and wishes to fix the exchange rate today so that it does not lose from an increase in the exchange rate

b. The hedger needs to buy a certain amount of commodity for its manufacturing process at a future date and wants to lock in a price for the commodity today

c. The hedger has a natural short position in the underlying market variable

d. All of the above