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Market efficiency requires: A. The absence of arbitrage. B. Arbitrage conducted by irrational investors. C. Speculation by amateur investors. D. All investors to be rational.

Market efficiency requires:

A. The absence of arbitrage.

B. Arbitrage conducted by irrational investors.

C. Speculation by amateur investors.

D. All investors to be rational.

E. Countervailing irrationalities.

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