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?

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

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

c) Both A and B are correct.

d) none of the options