Which one of the following statements is TRUE ?

(A) IRR method can tend to understate the relative attractiveness of superior investment projects when the opportunity cost of cash flows is below the IRR

(B) Selection solely according to the NPV criterion will tend to favor larger rather than smaller investment projects

(C) When NPV = 0, the IRR exceeds the cost of capital

(D) Use of the PI criterion is especially appropriate for larger firms with easy access to capital markets