For each of the following scenarios, discuss whether profit opportunities exist from trading in the stock of the firm under the conditions that (1) the market is not weak form efficient, (2) the market is weak form but not semi-strong form efficient, (3) the market is semi-strong form but not strong form efficient, and (4) the market is strong form efficient.

a. The stock price has risen steadily each day for the past 30 days. b. The financial statements for a company were released three days