34.
Which of the following situations is the least likely reason why the marginal cost of capital schedule for a company rises as additional funds are raised? A. The company deviates from its target capital structure because of the economies of scale associated with flotation costs and market conditions. B. The cost of additional funds from various sources rises as higher levels of financing are achieved. C. The company seeks to issue less senior debt because it violates the debt incurrence test of an existing debt covenant.
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