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Which of the following is not an implication of market efficiency? Stock prices can be wrong, but the mispricing cannot be identified on the basis

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Which of the following is not an implication of market efficiency? Stock prices can be wrong, but the mispricing cannot be identified on the basis of information available at the time. Investment capital will flow from unproductive firms to productive firms. In order to earn higher returns, on average, investors must be willing to accept more risk. Stock prices are never wrong

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