(1)What are the three supports on which market efficiencyrests?Markets can be efficient if any one of them is satisfiedTrue or False?Explain(6 marks) (2) What is the phenomenon of momentum? Do you agree that its an anomaly? Why? Provide two possible reasons for momentum.(6 marks) (3) The one who buys a lottery would also buy an insurance.Does this violate assumptions of rationality.Why? What is its implications on individuals preferences?(4 marks)(4) In one experiment, people would pay only $1 for a mug.But once they own the mug. they charge $8 to sell it.What effect is this an example of?What is its implications on individual's preferences?(4 marks)