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Futures contracts are described as standardized, which means each has a fixed:

AContract broker
BContract branch
CContract size
DContract buyer
Answer & Solution
Correct answer: C. Contract size
1. Terms cannot be negotiated individually. 2. Quantity and settlement dates are set by the exchange. 3. So each has a fixed contract size. _Source: OpenStax Principles of Finance, Chapter 20, Risk Management and the Financial Manager._
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