Which of the following statements refers to the Operating Exposure's competitive effect?

a. The local currency price of a foreign asset is random, and the price in dollars further depends on what the exchange rate turns out to be.

b. A dollar depreciation may affect operating cash flow in dollars by altering the firm's position in the marketplace with respect to its foreign rivals.

c. A given operating cash flow in dollars will translate into a lower foreign currency amount after the dollar depreciation.

d. None of these.