Speculators Act to Buy Low and Sell High

Speculators act to buy low and sell high.In so doing, they:

A) smooth consumption instability across states of nature but not price instability.
B) smooth price instability across states of nature but not consumption instability.
C) smooth both consumption instability and price instability across states of nature.
D) smooth neither price instability nor consumption instability across states of nature.
E) can do any of the above depending upon whether the states of nature are temporally or geographically defined.