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Which of the following implication(s) about market efficiency is(are) correct? a. Prices are random b. Expected returns are unpredictable c. Expected returns always equal observed

Which of the following implication(s) about market efficiency is(are) correct?

a.

Prices are random

b.

Expected returns are unpredictable

c.

Expected returns always equal observed returns

d.

None of the above

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