When firms' earnings fluctuate, they tend to adjust their payout policy by ________.

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Part 1

A.

allowing dividends to fluctuate while holding share repurchases relatively steady

B.

adjusted both dividends and share repurchases so the total payout as a percentage of earnings remains relatively steady

C.

allowing share repurchases to fluctuate while holding dividends relatively steady

D.

stop paying dividends and repurchasing shares