The correct answer is B. When pricing deep out-of-the-money call options, using the implied risk-neutral probability distribution derived from the volatility smile leads to different pricing outcomes compared to using a lognormal distribution. For equity options like those on ABC stock, the implied distribution has a heavier left tail and a less heavy right tail than a lognormal distribution. This results in a lower price for deep-out-of-the-money call options when using the implied distribution compared to the lognormal distribution. Conversely, for foreign currency options like those on the USD/GBP FX rate, the implied distribution has heavier tails than a lognormal distribution. This causes deep-out-of-the-money call options to be priced relatively higher when using the implied distribution compared to the lognormal distribution. This understanding is crucial for accurately pricing options and managing market risk, as it reflects the market's view of potential price movements and the associated risks.