Which of the following statements about speculators and hedgers in the futures market is TRUE()
A. Hedging can allow a business to guard against a price increase in a commodity without sacrificing profit if the commodity price decreases.
B. Hedgers guard against market price changes that would cause a reduction in their operating profit.
C. A speculator would use futures to take a short position in a commodity if its price is expected to increase.
参考答案：B
解析：
The purpose of hedging is to guard against price changes that could adversely affect operating profit. However, in protecting against profit reduction a hedge also sacrifices higher profit if the underlying asset increases in value, since the gain on the long position will be offset by the loss on the short position. Speculators would take long positions if the underlying commodity value were expected to increase. Long (short) positions gain if the underlying asset value increases (decreases).