Money Demand Adjusts to Changes in Income and Interest Rates

Money demand adjusts to changes in income and interest rates only with a lag since

A) there are always costs associated with adjusting money holdings
B) money holders' expectations are often slow to adjust
C) it is costly and time consuming to figure out new ways to manage money or open a new account if that becomes necessary
D) people are unwilling to make major changes in money holdings if they are unsure whether interest rate changes are permanent or temporary
E) all of the above