Last year, Alfred's Automotive had a price-earnings ratio of 15.This year, the price-earnings ratio is 18. Based on thisinformation, it can be stated with certainty that:

a.) the price per share increased

b.) the earnings per share decreased.

c.) investors are paying a higher price for each share of stockpurchased.

d.) investors are receiving a higher rate of return thisyear.

e.) either the price per share, the earnings per share, or bothchanged.