A call option’s payoff at maturity time T is C_T = max(S_T – K, 0). Which of the following is NOT true about this payoff?

Group of answer choices

The payoff is zero when the stock price at time T is less than or equal to the strike price, i.e., when S_T ≤ K.

The payoff is negative when the stock price at time T is less than the strike price, i.e., when S_T < K.

The payoff is positive when the stock price at time T is greater than the strike price, i.e., when S_T > K.

The payoff can never be negative but the premium paid to acquire the option can be lost.