单项选择题

A futures trader goes long one futures contract at $450. The settlement price 1 day before expiration is $500. On expiration day, the future is trading at $505. The least likely way the futures trader will lock in her profits on expiration is: ( )

A．Take delivery of the underlying asset and pay $500 to the short.
B．Close out the futures position by selling the futures contract at $505.
C．Take delivery of the underlying asset and pay the expiration settlement price to the short.
D．Cash settle the futures and receive the difference between $500 and the expiration settlement price.

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单项选择题Which of the following goods is likely to have the most elastic demand ( )

A．A particular brand of breakfast cereal.
B．Breakfast cereals in general.
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