3. Which of the following is/are true? Explain your reasoning. a. Search costs are higher to identify violations of weak-form efficiency than violations of semi-strong form efficiency. b. In an efficient market, random selection is sufficient to manage portfolio risk. c. Evidence that a portfolio manager outperformed the S&P 500 last year is inconsistent with the semi-strong form of the efficient market hypothesis d. A violation of weak-form efficiency implies a violation of semi-strong form Efficiency.