Which of the following statements concerning interest rate risk is NOT correct?

Select one:

a. The owners of fixed-income securities experience a decline in the market prices of their securities when the market rate of interest increases.

b. The market prices of fixed-income securities move, so that their yields to maturity are consistent with the market rate of interest

c. The market price variation for short-term, fixed-income securities is greater than the market price variation for long-term securities

d. The market prices of some common stocks and preferred stocks tend to move inversely to the market rates of interest