Boom Ltd made an announcement at the beginning of the week concerning the discovery of a new oil well that is

expected to double its production well into the next decade. The announcement was completely unexpected, and

shares of Boom Ltd had been trading at a frantic pace since the announcement. At the beginning of the week the

share price was 25 cents, by mid-week 37 cents and by the end of the week 50 cents. The market for Boom Ltd

shares appears to be an example of:

A. an ecient market.

B. a very ecient market.

C. an instantaneous and unbiased price reaction to new information.

D. an inecient market