Which of the following statements is FALSE?

a.

A company's capital structure may be dependent on the industry in which it operates

b.

A company's capital structure is fluid and may change as its circumstances change

c.

A company's capital structure is a function of its debt to equity ratio

d.

A company's capital structure has no bearing on its weighted average cost of capital

e.

A company's optimal capital structure will usually equate with its minimum weighted average cost of capital