Consider a U$.$S$.-$based MNC with a wholly$-$owned Italian subsidiary. Following a depreciation of the dollar against the euro, which of the following conclusions are correct?

None of the above

A given operating cash flow in euro will be converted to a higher U$.$S$.$ dollar cash flow.

The cash flow in euro could be altered due an alteration in the firm's competitive position in the marketplace and a given operating cash flow in euro will be converted to a higher U$.$S$.$ dollar cash flow.

The cash flow in euro could be altered due an alteration in the firm's competitive position in the marketplace.