In the Modigliani and Miller Propositions

I The term structure of interest rates is upward sloping over time

II Equity has more risk than debt

III The optimal capital structure is $100\%$ debt when Taxes $>0\%.$

a$.$

I, II$,$ and III

b$.$

I and II

c$.$

II and III

d$.$

III only

e$.$

II only