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3. Which of the following is/are true? Explain your reasoning. c. Search costs are higher to identify violations of weak-form efficiency than violations of semi-strong form efficiency. In an efficient market, random selection is sufficient to manage portfolio risk. Evidence that a portfolio manager outperformed the S&P 500 last year is inconsistent with the semi-strong form of the efficient market hypothesis. A violation of strong-form efficiency implies a violation of semi-strong form efficiency