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Which of the following statements about cyclical firms is least accurate? A. The price-to-earnings (P/E) multiple of a cyclical firm normally peaks at the depths of recession and bottoms out at the peak of economic boom. B. The problems encountered when using the price-to-earnings (P/E) multiples of cyclical firms can be completely eliminated by using average or normalized earnings. C. Cyclical firms have volatile earnings, and their price-to-earnings (P/E) multiple is not very useful for valuation. |