Which of the following best describes the application of real options to strategic decision-making?

a.The right to invest can be represented by a call option, which gives the holder the right to buy the strategy underlying the real option.

b.The right to divest can be represented by a put option, which gives the holder the right to buy the strategy underlying the real option.

c.The right to divest can be represented by a call option, which gives the holder the right to buy the strategy underlying the real option.

d.An option can be used to provide a natural hedge to mitigate risk.

e.The right to invest can be represented by a put option, which gives the holder the right to buy the strategy underlying the real option.