2. Which of the following statement(s) is/are false? I. From the shareholder perspective, profit margin has the characteristic of "higher is better." II. Income statement provides a snap-shot of a firm's outstanding revenues and expenses at the end of the year III. A company with lower P/E ratio is always better than a company with higher P/E ratio. a. I only d. II & III only b. II only e. None of the above choices c. III only