You own a share of stock in Hershey Foods. In reviewing the stock information in the Wall Street Journal, you note that Hershey's PE ratio is 19. The PE ratio indicates: ________

a. the percentage of Hershey Food's earnings paid out in dividends.
b. the price Hershey Foods stock is trading at now.
c. the amount you can expect to earn on the stock.
d. the amount investors are willing to pay for every $1 of Hershey Food's earnings.