18. Which of the following is an example of a timing option?

a. A company has the option to invest in a project today or to wait a year.

b. A company has the option to back out of a project that turns out to be unproductive.

c. A company pays a higher cost today in order to be able to reconfigure the projects inputs or outputs at a later date.

d. A company invests in a project today that may lead to enhanced technological improvements that allow it to expand into different markets at a later date.