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The pecking order of financing is followed by firms is a) first debt, second external equity, and retained earnings as the last resort because retained

The pecking order of financing is followed by firms is a) first debt, second external equity, and retained earnings as the last resort because retained earnings can be used to pay dividends b) first retained earnings, second debt and third external equity c) first debt, second retained earnings and external equity as the last resort because external equity is the most expensive d) first internal equity, second external equity and debt the as the last resort because debt can lead to bankruptcy

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