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Which one of the following is an agency cost? a. Welcoming outside interference by hedge fund activists who hope to improve the operation of the

Which one of the following is an agency cost?

a. Welcoming outside interference by hedge fund activists who hope to improve the operation of the company

b.Closing a division of the firm that is operating at a loss Investing in a new project that creates firm value

c. Accepting an investment opportunity that will add value to the firm

d. Hiring outside accountants to audit the company's financial statements

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