Which of the Following Statements Is False

Which of the following statements is false?

A) If alphas are positive, it is possible that the positive alpha trading strategies contain risk that investors are unwilling to bear but that the CAPM does not capture.
B) If alphas are positive, it is possible that the costs of implementing investment strategies are larger than the NPVs of undertaking them.
C) If alphas are negative, then investors have to be systematically ignoring positive-NPV investment opportunities.
D) The only way a positive-NPV investment opportunity can exist in a market is if some barrier to entry restricts competition.