Question: 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

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

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