Even if the markets are efficient, professional portfolio management is still important because it provides investors with: 1. Low-cost diversification II. A portfolio with a specified risk level III. An opportunity of minimizing taxes O Ill only O I, II and III II and III only 0 Tonly O I and II only O ll only Among the important characteristics of market efficiency is (are) that: 1. There are no arbitrage opportunities. II. Security prices react quickly to new information. III. Active trading strategies will consistently outperform passive strategies. I and Ill only land Il only O I only O II and III only I, II, and III Oll only