in which circumstances analysts choose to use a two$-$stage or multiple$-$stage valuation model to value a firm or a firm$$s equity, instead of a single$-$stage $($constant$-$growth$)$ valuation model?

Question $7$ Select one:

a$.$

When the firm is mature and its growth rate has reached a sustainable level

b$.$

When the firm is growing at a rate close to the rate of the economy

c$.$

The choice between single$-$stage and multi$-$stage valuation models is ad$-$hoc and does not depend on the growth phase of the firm

d$.$

When the firm is growing very fast, at a rate that is unlikely to be sustained in the long$-$term