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5.(2 points) Among the important characteristics of market efficiency is (are) that I. There are no arbitrage opportunities II. Security prices react quickly to new

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5.(2 points) Among the important characteristics of market efficiency is (are) that I. There are no arbitrage opportunities II. Security prices react quickly to new information III. Active trading strategies will not consistently outperform passive strategies a. I only b. II only c. I and III only d. I, II, and III tedly biabe t e

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