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Which of the following statements is true concerning the efficient market hypothesis? a. Equilibrium rates of return prevail and securities sell at their fair value.

Which of the following statements is true concerning the efficient market hypothesis?

a. Equilibrium rates of return prevail and securities sell at their "fair" value.

b. Equilibrium rates of return prevail.

c. Firms securities sell at their "fair" value.

d. Financial investors cannot earn a positive return.

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