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A firm can be viewed as a collection of debt instruments financing it. a collection of equity shares comprising it. a portfolio of all individual

A firm can be viewed as

a collection of debt instruments financing it.
a collection of equity shares comprising it.
a portfolio of all individual projects in the industry, each with its own risks, cost of capital, and returns.
a portfolio of individual projects, each with its own risks, cost of capital, and returns.

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