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All of the following statements about an efficient market are correct EXCEPT: a. All financial transactions have an NPV of equal to zero b. A

All of the following statements about an efficient market are correct EXCEPT:

a. All financial transactions have an NPV of equal to zero

b. A skilled individual may have sustainable above market returns

c. The investor is compensated properly for risk borne

d. The investor does not receive abnormal returns consistently

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