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8. True or false? The efficient-market hypothesis assumes that (15 marks) a. There are no taxes. (3 marks) b. There is perfect foresight. (3 marks)

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8. True or false? The efficient-market hypothesis assumes that (15 marks) a. There are no taxes. (3 marks) b. There is perfect foresight. (3 marks) c. Successive price changes are independent. (3 marks) d. Investors are irrational. (2 marks) e. There are no transaction costs. (3 marks) f. Forecasts are unbiased. (1 marks)

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