16.

Which of the following statements about options is NOT correct?

Select one:

a. After the expiration date, the option has no value.

b. The writer of an option must carry out the obligation if the holder exercises the option.

c. Exercising an option involves buying or selling some underlying asset.

d. The strike price is the price at which the option is bought initially.

e. American options may be exercised at any time up to expiration.