To explain why firms make different profits, there exist different profit theories. Which of the followings are correct statements regarding business profit? A. The innovation theory of profit suggests that firms are awarded for being innovative. B. The pure luck theory argues that all firms make different profits mainly due to their different luck in the market. C. The managerial efficiency theory of profit claims that profits can arise due to exceptional managerial skills in a well managed firm. D. The monopoly theory of profit explains that a monopoly can earn above-normal profits by dominating the market