What Effect Does a Stock Substitution or Stock Split Have

Multiple Choice

What effect does a stock substitution or stock split have on a price-weighted series?

A) Index remains the same, divisor will increase/decrease.
B) Divisor remains the same, index will increase/decrease.
C) Index and divisor will both remain the same.
D) Index and divisor will both reflect the changes (immediately) .
E) Not enough information is provided.