Which of the Following Explains Why There Is a Negative

Which of the following explains why there is a negative correlation between campaign fund-raising and electoral success for incumbents?

A) FEC rules require this pattern of fund-raising and spending.
B) Challengers tend to have less name recognition, meaning their early spending is more cost-effective.
C) Vulnerable incumbents tend to ramp up fund-raising, while safe incumbents need not spend as much time on fund-raising.
D) Incumbents hope to scare off high-quality opponents by overspending.