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According to some theorists, the difference between speculation and gambling is:

I. The outcome for a gambler is the thrill of the risk so gambling is a form of entertainment
II . Speculators accept a certain level of risk which must be commensurate with the level of return.
III. The belief that commensurate gain relative to risk is a constant, but gambling accepts risk for its own sake.
IV . Both gamblers and speculators have heterogeneous expectations

a . I and II
b . III and IV
c . I and IV
d . II and III

Sagot :

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