Which of the following statements is false?

a. The pretax profit of the firm with low fixed costs is more stable, all else equal.

b. A real option is valuable only if there is uncertainty as to the possible outcomes of the initial investment.

c. An extension of scenario analysis is to use computers to generate a large number of possible scenarios and assign probabilities to them.

d. A comparison of the ranges of NPV changes will reveal to us what the most and least critical variables are for a given project

e. A project that breaks even in accounting terms is acceptable since itsNPV is positive