Which of the following are examples of real options?

a. A basketball team owner delays signing a star free agent to a one-year contract, preferring to wait and see if his team is in contention for a championship.

b. A hockey team owner delays building a new stadium because interest rates are high and may soon come down.

c. A student delays studying for a final exam because she expects to soon receive a job offer that would make her grade point average moot.

d. Blockbuster Video delays entering the DVD rental market (see Chapter 6 for more details on the DVD rental market).