The ________ of an option, at any time, is its economic value if it is exercised immediately. If no positive economic value would result from exercising immediately, ________.

a.

extrinsic value; intrinsic value is negative.

b.

intrinsic value; intrinsic value is zero.

c.

intrinsic value; intrinsic value is positive.

d.

extrinsic value; extrinsic value is zero.