Which of the following statements about futures hedging is FALSE?

a.A perfectly hedged position bears no systematic risk

b.A long hedger will have been better off unhedged if the underlying asset price falls throughout the life of the futures contract.

c.A short hedger will have been better off unhedged if the underlying asset price falls throughout the life of the futures contract.

d.A perfectly hedged position expects to earn the risk-free rate for its entire position Combination of the underlying asset and the futures position).