Which of the Following Statements Is NOT True

Which of the following statements is NOT true?

A) In a competitive sale, the firm specifies the type and amount of securities it wants to sell.
B) In a negotiated sale, the issuer selects the underwriter at the beginning of the origination process.
C) In a general cash offer, management must decide whether to sell the securities on a competitive or a negotiated basis.
D) For equity securities, competitive sales generally provide the lowest-cost method of sale.