When investors say that the market is efficient, they mean that

Select one:

a. securities consistently trade at prices very close to their intrinsic values.

b. industrial production, and overall productivity in the economy, is growing at a constant pace.

c. the business cycles that underlie stock fluctuations occur in a somewhat predictable fashion.

d. the closing prices of all stocks can be found quickly and easily in the Wall Street Journal and in most daily newspapers.