A Long Put Position

Multiple Choice

A long put position

A) has a value of zero if the stock price is below the exercise price.
B) has a value equal to the stock price minus the exercise price if the stock price is above the exercise price.
C) has a value of zero if the stock price at the time of purchase exceeds the expected stock price at option expiration.
D) has a value equal to the exercise price minus the stock price if the stock price is below the exercise price.