You are performing financial statement analysis for Phillips Company. Assume you found the information below in a Form 10-K, Item 7-Managements Discussion and Analysis:

Consolidated Performance Summary--S,G & A lines:

	Year 3	Year 2	Year 1
S, G & A	$8,100	$8,023	$7,547
S, G,& A as a % of Revenue	18.7%	19.0%	19.2%

The specific type of analysis in which Selling, General and Administrative Expenses would be expressed as a percentage of revenue is called:

	a.	Horizontal analysis
	b.	Operating analysis
	c.	Vertical analysis
	d.	Ratio analysis
	e.	Profitability analysis