The Dividend-Irrelevance Proposition of Miller and Modigliani Depends on Which

The dividend-irrelevance proposition of Miller and Modigliani depends on which one of the following relationships between investment policy and dividend policy?

A) The level of investment does not influence or matter to the dividend decision.
B) Once dividend policy is set the investment decision can be made.
C) The investment policy is set ahead of time and not altered by changes in dividend policy.
D) Since dividend policy is irrelevant there is no relationship between investment policy and dividend policy.
E) Miller and Modigliani were only concerned about capital structure.