The fair market value of a near-month call option with a strike price of $45 is $5, when the stock is trading at $48.
-Based on the preceding information,which of the following is true of the intrinsic and time values associated with this option. 
Definitions:
Market Supply
The total amount of a good or service that producers are willing and able to sell at varying price points, at a given time.
Long Run
An economic phase characterized by the variability of all production inputs and expenses.
Industry Supply Curve
It represents the total quantity of goods or services that producers in an industry are willing and able to supply at various price levels.
Elastic
Describes a situation where the quantity demanded or supplied of a good or service is sensitive to changes in its price.
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