Assume that you are given the true model of expected returns in a market. If that market is efficient, you would expect to observe: Select one alternative: Individual stock returns would be identical to model expected stock returns for all stocks and all periods. Average realised returns over long periods would be close to model expected returns across a range of different portfolios. Average realised returns would be much lower than model expected stock returns. Average realised returns would be much higher than model expected stock returns