Which of the following statements related to the hedging of fuel price risk by airlines is INCORRECT? Group of answer choices

a. Fuel is a major cost of the airline business and it can range from 10 percent (in good times) to more than 35 percent (in bad times) of average expenses.

b. All airlines hedge price risk of between 75 to 100 percent of their fuel purchase.

c. What Southwest Airlines characterizes as their successful derivatives hedging program was some combination of hedging and speculation that worked well for a time.

d. An airlines decision to charge for checked-in baggage is a natural hedge because loss of revenue from losing customers is offset by money received from the fees and making airplanes lighter (which are cheaper to fly).