Which of the Following Is Not a True Statement

Which of the following is not a true statement?

A) A high price-earnings ratio means high projected earnings in the future.
B) The price-earnings ratio for a corporation must be studied over a period of time.
C) The price-earnings ratio is based on the company's dividends.
D) The price-earnings ratio for one firm may be compared to the price-earnings ratio for all firms.
E) A low price-earnings ratio indicates that a stock may be a good investment and a high price-earnings ratios may indicate that it is a poor investment.