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It is never optimal to exercise an American call option on a non-dividend-paying stock before the expiration date, but at any given time during its life, a put option should always be exercised early if it is sufficiently deep in the money.
A
It is never optimal to exercise an American call option on a non-dividend-paying stock before the expiration date, and it is never optimal to exercise an American put option early.
B
It is never optimal to exercise an American call option on a non-dividend-paying stock before the expiration date, but it can be optimal to exercise an American put option on a non-dividend-paying stock early.
C
It can be optimal to exercise an American call option on a non-dividend-paying stock early, but it is never optimal to exercise an American put option early.
D
Both American call and put options on non-dividend-paying stocks should never be exercised early.
