11.

Which one of the following statements is correct concerning market efficiency?

Real asset markets are more efficient than financial markets.

If a market is efficient, arbitrage opportunities should be common.

In an efficient market, some market participants will have an advantage over others.

A firm will generally receive a fair price when it issues new shares of stock if the market is efficient.

New information will gradually be reflected in a stock's price to avoid any sudden change in the price of the stock if the market is efficient.