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Refer to the diagram, showing changes occurring during succession as the glacier in Glacier Bay, Alaska, melted over the past 200 years. The moraines, or gravel deposits exposed by the retreating glacier, increase in age of exposure from left to right.Which statement best describes how the vegetation changes during succession?
Futures Option
An option contract that gives the holder the right, but not the obligation, to buy or sell a futures contract at a specified price on or before a certain date.
Forward Contract
A contractual arrangement to purchase or sell a given commodity or asset at a set price on a designated date in the future.
Forward Price
The predetermined price agreed upon in a forward contract, at which the asset will be bought or sold at a future date.
European Call
A call option that can only be exercised on the expiration date, not before.
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