The dividend-irrelevance proposition of Miller and Modigliani depends on which one of the following relationships between investment policy and dividend policy?

• A. The level of investment does not influence or matter to the dividend decision.
• B. Once dividend policy is set the investment decision can be made.
• C. Since dividend policy is irrelevant there is no relationship between investment policy and dividend policy.
• D. Miller and Modigliani were only concerned about capital structure.
• E. The investment policy is set ahead of time and not altered by changes in dividend policy .