A Disadvantage to the Bondholder of a Traditional Fixed-Price Call

A disadvantage to the bondholder of a traditional fixed-price call provision is:

A) Callable bonds have a lower price than non-callable bonds.
B) Bondholders might be forced to invest at a rate lower than the current coupon rate.
C) An increase in interest rates will cause the price of non-callable bonds to increase relative to callable bonds.
D) Callable bonds demonstrate a negative price-yield convexity.
E) Callable bonds' refunding provision makes them less valuable than non-callable bonds.