WHICH OF THE FOLLOWING IS TRUE WITH REGARDS TO THE EFFICIENT MARKETS HYPOTHESIS?

A. THE EMH SUGGEST THAT THERE ARE MANY POSITIVE NPV INVESTMENTS AT LEAST ON AVERAGE.

B. THE EMH SUGGEST THAT THE PRICES ON THE NYSE ARE FAIR, ON AVERAGE.

C. THE EMH SUGGEST THAT MARKETS IN WHICH PRICES FLUCTUATE A GREAT DEAL CANNOT BE EFFICIENT.

D. THE EMH ASSERTS THAT AT THE MARGIN INFORMATION HAS VALUE.

E. THE EMH REFERS TO POORLY-ORGANIZED CAPITAL MARKETS.