Which of the following is NOT an assumption of the M&M Model?

	a.	The business risk is equal among all firms having the equivalent operational condition
	b.	There is no conflict of interest between equity shareholders and debt holders.
	c.	The insiders and outsiders of the firm share the same information about the company.
	d.	All investors expect the same and make identical choices in a given situation.
	e.	D/E ratio is constant with constant cost of equity and constant cost of debt.