Which of the following statements regarding relevant (i.e. incremental) cash flows is(are) true? I. Managers should not consider opportunity costs when making capital budgeting decisions. II. Managers should not consider sunk costs when making capital budgeting decisions. III. An externality is an effect of a project on the firm that is not reflected in the projects cash flows.

		I only
		II only
		III only
		I and II only
		II and III only