According to the dividend discount model, the higher the amount of annual dividend paid by a company in a zero growth scenario (dividends are constant forever),

a.

the higher the fair price of the shares, for a given level of required return

b.

the lower the fair price of the shares, for a given level of required return

c.

the higher the return required by shareholders

d.

the fair price of the share remains the same because the fair price of the shares does not change with changes in the level of dividends