15) In the absence of taxes, MM argues that:

a. no one capital structure for a firm is superior to any other capital structure for that firm.

b. the cost of equity for a levered firm is equal to the firm's unlevered WACC.

c. homemade leverage is insufficient to offset a firm's use of leverage.

d. the value of a levered firm exceeds the value of the unlevered firm.

e. the cost of equity decreases as the debt-equity ratio increases.