b. A market is considered efficient if the market price is a "good" relative value of the financial security c. Market efficiency is a consequence of the collective actions of market participants d. In an efficient market, prices react rapidly and fully to new information e. Abnormal profits from investing are mostly due to luck and are transitory, so active investing is, for the most part, counterproductive if the market is efficient 18. If you had purchased Tesla stock for $1.78 in December, 2010 and held it until today, what average annual return would you have earned if the current price is $228 ? a. 10.67% b. 12.81% c. 49.84% d. 41.76% e. 29.88% 19. Assume that McDonald's earns a return of 29% in a very good year, 12% in a good year, and -4\% in a bad year. What is the standard deviation of McDonald's returns if these three