A. Large

B. Small

The first question please choose between A or B to fill in the gap, the second one just need to choose yes or no. Thank you for helping me with this questions.

Financial theorists have identified two different types of efficiency in financial markets. The first, informational efficiency, contributes to the existence and strength of the other, economic efficiency. The degree of informational efficiency exhibited by a market refers to the types of information incorporated into the prices observed in the market an the speed with which prices adjust when new relevant information is released into the market. Markets are said to exhibit one of three levels of informational efficiency: weak-form efficiency, semistrong-form efficiency, or strong-form efficiency. At any level, a market's informational efficiency is likely to be stronger when there is a number of market participants receiving and analyzing relevant security and market information in search of the most profitable investments. Daniel just saw a news conference on TV announcing that Chase Pharmaceuticals is receiving approval from the U.S. Food and Drug Administration (FDA) for the marketing of a new drug. The product is expected to be a breakthrough for the firm. Daniel immediately instructed his broker to buy 1,000 shares of Chase's stock. In the following table, indicate whether Daniel could earn above-average returns (and thereby beat the market) under each of the following levels of informational efficiency