Step 1: Understand the given condition.
Given that
\[
Z=Z^2=Z^3=\cdots
\]
This means
\[
Z^2=Z
\]
So, \(Z\) is an idempotent matrix.
Step 2: Check whether all such matrices are non-invertible.
An idempotent matrix may be non-invertible, for example
\[
Z=\begin{bmatrix}1&0\\0&0\end{bmatrix}
\]
But it can also be invertible, for example
\[
Z=I=\begin{bmatrix}1&0\\0&1\end{bmatrix}
\]
Thus, option (A) is not correct.
Step 3: Analyze the identity matrix case.
For
\[
Z=I
\]
we have
\[
Z^2=I^2=I=Z
\]
So, the identity matrix satisfies the given condition.
Step 4: Check inverse of identity matrix.
For identity matrix,
\[
Z^{-1}=I^{-1}=I
\]
Hence,
\[
Z=Z^{-1}
\]
Step 5: Verify option (C).
Since there exists at least one matrix \(Z\), namely \(I\), for which
\[
Z=Z^{-1}
\]
option (C) is correct.
Step 6: Analyze option (D).
For every idempotent matrix, \(h^T Z h\) need not be positive for all non-zero real vectors \(h\).
For example, with
\[
Z=\begin{bmatrix}1&0\\0&0\end{bmatrix}
\]
and
\[
h=\begin{bmatrix}0\\1\end{bmatrix},
\]
we get
\[
h^T Z h=0
\]
which is not greater than \(0\).
Step 7: Final conclusion.
Therefore, the correct statement is
\[
\boxed{Z=Z^{-1}\text{ for some }Z}
\]
Hence, the correct option is (C).