(ii) A corporate lawmaker finds that he can "beat the market" by (1) investing in the stocks of some companies, then (2) passing laws that can boost the revenues of these companies. This finding is a violation of the A. inefficiency B. weak form efficiency C. strong form efficiency D. semi-strong efficiency (iii) A firm has been investing in an expensive research and development (R&D) project for a long time. The project is only known to a few high-level executives and the research scientists until recently a public announcement of a new product is made. The new product is profitable so the R&D project has a positive NPV. In a semi-strong efficient market, the price of the stock will: A. rise gradually between the start of the project and the announcement, rise instantaneously upon announcement B. stay at the same price between the start of the project and the announcement, rise instantaneously upon the announcement C. stay at the same price upon the announcement, with no net effect D. drop instantaneously upon the announcement (iv) Technical analysis can offer advantages to investors if the financial markets are: A. inefficient B. weak form efficient C. strong form efficient D. semi-strong efficient (v) If the market is strongly efficient: A. semi-strong form efficiency must not hold B. semi-strong form efficiency must hold C. weak form efficiency may hold D. weak form efliciency must hold