Differentiate between ‘may’ and ‘might’ in terms of expressing possibility.

A. ‘May’ is used for past events, while ‘might’ is used for future events

B. The difference lies in the level of possibility they convey. ‘May’ indicates a higher possibility, while ‘might’ suggests a lower possibility or a hypothetical situation.

C. Both ‘may’ and ‘might’ indicate the same level of possibility

D. ‘Might’ is more formal than ‘may’