Are market value ratios superior to book value ratios?

Multiple choice question.

Yes, because market values are always higher than book values.

Yes, because market value ratios measure the true worth of creditors' and owners' stakes in a business.

No$,$ because market values are based on supply and demand, which can fluctuate greatly from one year to the next.

No$,$ because book values represent historical values which is the most objective way to value debt and equity.