Dividends Are Relevant and Dividend Policy Irrelevant When

Dividends are relevant and dividend policy irrelevant when:

A) cash dividends are always constant and dividend policy is changed as management needs.
B) cash dividends are increased for one year while others are held constant, thus causing an increase in stock price, and dividend policy establishes the trade-off between dividends at different dates.
C) cash dividends are always constant and dividend policy establishes the trade-off between dividends at different dates.
D) cash dividends are increased for one payment while others are held constant and dividend policy is changed as management needs.
E) None of these.