14. A market decline of 23% on a day when there is no significant macroeconomic event consistent with the EMH because a. would be; it was a clear response to macroeconomic news b. would be; it was not a clear response to macroeconomic news c. would not be; it was a clear response to macroeconomic news d. would not be; it was not a clear response to macroeconomic news 15. Which of the following statement/statements is correct? i. Firms should accept low risk projects prior to funding high risk projects ii. A project that is unacceptable today might be acceptable tomorrow given a change in market returns iii. If a firm uses its WACC as the discount rate for all of the projects it undertakes then the firm will tend to accept some negative NPV value projects a. i and ii b. i and iii c. ii and iii d. i, ii and