Hard Rationing Is Defined as the Situation That Exists When

Hard rationing is defined as the situation that exists when a company:

A) Has no projects with positive net present values.
B) Has more projects with positive net present values than it wishes to fund.
C) Cannot raise capital for new projects under any circumstances.
D) Allocates certain funds to each business unit for capital budgeting.
E) Has two mutually exclusive projects with the same internal rate of return.