The difference between the free cash flow to the firm and free cash flow to the equity:

a. Free cash flow to the firm is the cash flow available to the companys suppliers of debt and equity capital after all operating expenses (including income taxes) have been paid while free cash flow to equity is the cash flow available to the companys suppliers of debt and equity capital before all operating expenses (including income taxes) have been paid.

b. Free cash flow to the firm is the cash flow available to the companys suppliers of equity capital after all operating expenses (including income taxes) have been paid while free cash flow to equity is the cash flow available to the companys suppliers of debt capital after all operating expenses (including income taxes) have been paid.

c. Free cash flow to the firm is the cash flow available to the companys suppliers of debt and equity capital after all operating expenses (including income taxes) have been paid while free cash flow to equity is the cash flow available to the companys suppliers of equity capital after all operating expenses (including income taxes) have been paid.

d. free cash flow to the firm and to the equity are the same.