The value of a listed call option on a stock is lower when:

1. The exercise price is higher.

2. The contract approaches maturity.

3. The stock decreases in value.

4. A stock split occurs.

A. 2, 3, and 4 only

B. 1, 3, and 4 only

C. 1, 2, and 3 only

D. 1, 2, 3, and 4