Which of the following is true about investment in research and development?

A) The option side of R&D investments is not related to real options. B) Companies are unable to increase or decrease resources committed to a project based on how

successful it has been. C) Distant payoffs from R&D investments are more uncertain than other investments. D) In the pharmaceutical industry, R&D projects are not regarded as important strategic

investments. E) R&D investments are never staged.