What happens if a player lifts or moves loose impediments or movable obstructions while the ball is in motion?

The correct answer is that no penalty occurs when a player lifts or moves loose impediments or movable obstructions while their ball is in motion. This is based on the rules of golf, which state that the player's actions regarding loose impediments or movable obstructions do not incur a penalty regardless of when they are moved, even if it happens while the ball is in motion.

In this case, since the player is allowed to take such actions without any consequences, the other options do not apply. There is no requirement to replace the ball, as there was no infraction committed, nor is the play invalidated. Essentially, the rules encourage players to maintain their focus on the ball's path and the surrounding area without penalizing them for actions that could be seen as incidental to the normal flow of play.