Which of the Following Statements Is FALSE

Which of the following statements is FALSE?

A) Positive NPVs arise only in situations in which a company has a competitive advantage.
B) Projects that produce an NPV of zero should be rejected.
C) The market value of any firm in an efficient market should equal the present value of its expected after-tax cash flows.
D) Because of the competitive nature of today's business environment, we would not expect to see an abundance of positive NPV opportunities to persist for very long.