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What is market efficiency (efficient markets hypothesis)? What are the different levels of market efficiency? How does market efficiency affect the day-to-day functioning of our

What is market efficiency (efficient markets hypothesis)? What are the different levels of market efficiency? How does market efficiency affect the day-to-day functioning of our stock markets? How does it manifest itself? How does market efficiency affect stock pricing (values of stocks in the market)? Do you believe markets are efficient? Provide reasons/examples of why or why not?

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