YOU HAVE A SHORT POSITION IN FOREIGN EXCHANGE FUTURES CONTRACTS ON GBP's. THE CONTRACT SIZE IS GBP100,000. DURING THE DAY THE FUTURES EXCHANGE RATE (MEASURED IN $/GBP) INCREASED BY $0.01/GBP WHILE THE SPOT EXCHANGE RATE DECREASED BY $0.01/GBP. AS A RESULT, YOU...

Select one:

a. HAVE GAINED $1000.

b. HAVE LOST $1000.

c. HAVE NEITHER GAINED NOR LOST.

d. ARE NOT ABLE TO ANSWER THE QUESTION BASED ON THE INFORMATION PROVIDED.