Why do less volatility and/or a shorter term to maturity lead to a lower premium on both call and put options? Consider the shorter term to maturity for the buyer of both call and put options. Choose:
a) Reduced uncertainty and less time for the option to move in-the-money.
b) Increased uncertainty and more time for the option to move in-the-money.
c) Reduced uncertainty and more time for the option to move in-the-money.
d) Increased uncertainty and less time for the option to move in-the-money.
