1. The competitive advantage period increases for 5 years to 8 years - the equity value would increase / decrease (underline one)

1. General market rates of interest increase due to greater risk aversion - the equity value would increase / decrease (underline one)

1. The company moves to a production method that requires more working capital -- the equity value would increase / decrease

1. The company awards an increasing level of stock options to executives (without a commensurate increase in share price) -- the equity value would increase / decrease

1. The company moves to a delivery system that requires additional investment in plant property and equipment -- the equity value would increase / decrease

1. The company matures to a safer company and a lower cost of capital -- the equity value would increase / decrease

1. The company's product and industry are expected to enjoy above normal growth rates due to a shift in consumer tastes and preferences -- the equity value would increase / decrease