The following are characteristics of a public conglomerate:

I) It is designed to operate various divisions for the long run.

II) It has an internal capital market wherein each division competes for funds.

III) A hierarchy of corporate staff evaluates divisions' plans and performance.

IV) Divisional managers' compensation depends mostly on earnings of their respective divisions.

I, II, and III

I and II only

I, II, III, and IV

II, III, and IV only