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Q19. Which of the following would be inconsistent with an efficient market? 1.Information arrives randomly and independently. 2.Stock prices adjust rapidly to new information. 3.Price

Q19. Which of the following would be inconsistent with an efficient market?

1.Information arrives randomly and independently.

2.Stock prices adjust rapidly to new information.

3.Price changes are biased.

4.Price changes are random.

5.Price adjustments are independent.

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