Which of the Following Is TRUE of a Grey-Market Good

Which of the following is TRUE of a grey-market good?

A) A grey-market good is merchandise that possesses a valid North American registered trademark and is made by a foreign manufacturer but is imported into North America without permission of the trademark owner.
B) Grey-market merchandise often is not the same quality and is visually different to merchandise brought into the country through normal channels.
C) Grey-markets are a declining business
D) Grey-market merchandise is counterfeit merchandise.
E) All of these are true of a grey-market good.