Fluctuations in a firm's operating income represent:

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Fluctuations in a firm's operating income represent business risk, which is the risk associated with the potential variability in a firm's earnings due to factors such as competition, changes in consumer preferences, or changes in economic conditions. Financial leverage (A) refers to the use of debt financing to increase returns for shareholders. The weighted-average cost of capital (B) is the rate at which a company borrows money, and capital structure (C) refers to the combination of debt and equity used to finance a company's operations.

Fluctuations in a Firm's Operating Income Represent