Which one of the following options has a payoff proﬁle that adds value to a ﬁrm when prices unexpectedly decline?

Question

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Buying a put option gives the holder the right, but not the obligation, to sell the underlying asset at a predetermined price (strike price) within a specified time period. If prices unexpectedly decline, the put option provides a payoff that increases in value, thus adding value to the firm as a form of insurance against a downside risk.

Which One of the Following Options Has a Payoff Proﬁle