Williamson Argues That Managers Would Often Have the Discretion to Pursue

Williamson argues that managers would often have the discretion to pursue their own interests and so would seek to maximise their own utility. Which one of the following was not said to be a feature of this situation?

A) Managers would receive higher salaries and spend on company cars or plush offices.
B) The firm's choice of output and price would be no different from a profit- maximising firm.
C) Staffing levels would be higher than under profit maximisation.
D) Managers would exercise some discretion over investment expenditure.
E) Expenditure on staff and managerial perks tends to vary with the business cycle.