Which of the Following Statements Is INCORRECT About Asset Price

Which of the following statements is INCORRECT about asset price bubbles?

A) A price bubble happens when an asset's price substantially deviates from its intrinsic or fundamental value.
B) A price bubble implies the existence of arbitrage and they are excluded by the no arbitrage assumption.
C) Price bubbles cannot be accommodated in the Black-Scholes-Merton model because the assumption that the stock price follows a lognormal distribution excludes bubbles.
D) A price bubble can happen when the assumption "competitive and well-functioning market" fails to hold.
E) In the presence of price bubbles,many of the standard results of option pricing are no longer valid.