Question III.1 Assume that markets are not fully efficient. You have managed to spot an inefficiency in the market and a strategy to exploit it to make excess returns for yourself. Under which of the following conditions is that inefficiency likely to generate the long standing profits? Choose one letter and briefly justify your answer. a) If the inefficiency is difficult to spot and the trading strategy you use is transparent. b) If the inefficiency is difficult to spot and the trading strategy you use is complex. c) If the inefficiency is easy to spot and the trading strategy you use is transparent. d) If the inefficiency is easy to spot and the trading strategy you use is complex.