Which of the following statements is correct about real options in capital budgeting? I. Because firms make decisions in a dynamic environment, they have options that should be considered in project valuation. II. The value of an option to delay is smaller than the value of an option to expand. Ill. To solve the real option problem, one should start anywhere in the decision tree and work in all directions as long as the paths do not converge. 0 A. I only 0 B. I and II only 0 C. I and Ill only 0 D. II and III only O E. None of the choice combinations in A, B, C and D are correct