Which of the following are characteristics of thesegmented markets theory?Check all that apply.

The choice of long-term versus short-term maturities is determined by an investor's expectation of future interest rates, rather than by their financial needs.

Investors and borrowers participate only in the maturity market that satisfies their forecasted cash flow needs, which is what causes the market segmentation.

Borrowers and saversdo nothave the flexibility to choose among various maturity markets.

The choice of long-term versus short-term maturities is determined by a borrowers' needs, rather than by their expectation of future interest rates.