Which of the following statements regarding an internal rate of return analysis is false?

a) All other things being equal, the higher the internal rate of return the more favorable the investment alternative.

b) The internal rate of return is the rate that will produce a zero net present value.

c) All other things being equal, a favorable investment decision is signaled when the internal rate of return is higher than a company's required rate of return.

d) When the net present value is positive, the internal rate of return is lower than the required rate of return.