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Which one of the following is an example of a long hedger? a. an oil refinery buying crude at spot oil prices. b. a farmer

Which one of the following is an example of a long hedger?

a. an oil refinery buying crude at spot oil prices. b. a farmer who grows wheat and sells futures contracts short. c. a trader who transacts in futures for the sole purpose of making profits. d. a cereal producer who purchases wheat futures contracts.

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