Which of the Following Isnot True of a Swaption,i

Multiple Choice

Which of the following isnot true of a swaption,i.e. ,an option on a swap?

A) A swaption is always less valuable than the underlying swap.
B) A swaption's value is always non-negative.
C) A payer swaption is worth less than a cap with caplets on the same dates as the swap underlying the swaption.
D) A swaption's value increases with interest rate volatility irrespective of which side of the underlying swap one may be on.