Which of the following statements related to market efficiency tend to be supported by current evidence?

I. Markets tend to respond quickly to new information.

II. It is difficult for the typical investor to earn above-average returns without taking above-average risks.

III. Short-run prices are difficult to predict accurately based on public information.

IV. Markets are most likely strong-form efficient.

I and III only

II and IV only

I and IV only

I, III, and IV only

I, II, and III only

None of the options are correct