For each of the following two questions, decide whether the described phenomenon is a violation of the efficient market hypothesis, and why. It is socially beneficial for the Federal reserve to issue warnings based on the cur- rent stock market's price/earnings (P/E) ratio. If the P/E ratio is too high, then the Fed can warn investors that the market may be experiencing a bubble, so that investors can "cool off" and stop over-investing. A new policy was passed at the start of January, stating that the government will increase funding for the renewable energy industry. In response to this news, stock prices of renewable energy companies went up throughout the month of January. For each of the following two questions, decide whether the described phenomenon is a violation of the efficient market hypothesis, and why. It is socially beneficial for the Federal reserve to issue warnings based on the cur- rent stock market's price/earnings (P/E) ratio. If the P/E ratio is too high, then the Fed can warn investors that the market may be experiencing a bubble, so that investors can "cool off" and stop over-investing. A new policy was passed at the start of January, stating that the government will increase funding for the renewable energy industry. In response to this news, stock prices of renewable energy companies went up throughout the month of January