Consider the Statement "Inflation Is Everywhere and Always a Monetary

Consider the statement "Inflation is everywhere and always a monetary phenomenon". This statement does not hold true

A) as long as demand and supply shocks are validated by expansionary monetary policy.
B) as long as the AD curve is shifting to the right at the same rate as the AS curve is shifting to the left.
C) if the economy's adjustment process is working effectively.
D) in industrialized economies.
E) for temporary bursts of inflation that are not accompanied by a monetary expansion.