Consider the following list of option strategies:

I. Buy a low strike price call and sell a high strike price call

II. Buy a high strike price call and sell a low strike price call

III. Buy a high strike price put and sell a low strike price put

Which of these would create a bear spread?

a.

I only

b.

Either II or III

c.

III only

d.

Both I and II

e.

II only