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| Which of the following statements most correctly characterizes MM proposition 1? A. Firms have a preference ordering for capital sources, preferring internally-generated equity first, new debt capital second, and externally-sourced equity as a last resort. B. Increasing the use of relatively lower cost debt causes the required return on equity to increase such that the overall cost of capital is unchanged. C. Regardless of how the firm is financed, the overall value of the firm and aggregate value of the claims issued to finance it remain the same. |