Apples business strategy includes cost reduction initiatives such as lowering manufacturing costs, reducing structural or design costs, and cutting operating expenses. All else constant, a higher net income from any of these initiatives will lead to

nitiatives will lead to Multiple Choice lower Shareholders' Equity and Increased leverage, raIsing the Assets to Equlty ratio. higher Shareholders' Equity and decreased leverage, lowering the Assets to Equity ratio. no change in the leverage of the firm