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The following are characteristics of a public conglomerate:
I) It is designed to operate various divisions for the long run.
II) It has an internal capital market wherein each division competes for funds.
III) A hierarchy of corporate staff evaluates divisions' plans and performance.
IV) Divisional managers' compensation depends mostly on earnings of their respective divisions.
I, II, and III
I and II only
I, II, III, and IV
II, III, and IV only

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