Which of the following statements is incorrect?

The concept of semistrong-form efficiency is a reasonable representation of the public stock markets in developed countries such as the United States.

Pension funds invest retirement funds on behalf of businesses or government agencies that provide retirement programs for their employees.

Money market instruments are generally issued by firms of the highest credit rating.

Dow Jones Industrial Average (DJIA) is a price index that measures the change in prices of a market basket of goods and services that a typical consumer purchases.

All the answers are correct except one.