19. Which of the following is not a competitive force suggested by Porter? Rivalry among existing competitors . Threat of new entrants Threat of substitute products d. Government and regulatory influences .. None of the above that is all are competitive forces) 20- Under the present value of operating free cash flow technique, the firm's operating free cash flow to the firm is discounted at the firm's a. Weighted average cost of capital. b. Cost of debt c. Internal rate of retum. d. Cost of equity c. Net present value 21- The EBIT of a firm is $300, the tax rate is 35%, the depreciation is $20, capital expenditures are $60 and the increase in net working capital is $30. What is the free cash flow to the firm a $85 b. $123 c. $185 d. $305 22. A firm in the early stages of its industry life cycle will likely have a low dividend payout rates b. low rates of investment c. low rates of return on investment d. none of the above