Which of the following tend to reinforce the argument that the financial markets are efficient? I. Information spreads rapidly in today's world. II. There is tremendous competition in the financial markets. III. Market prices continually fluctuate. IV. Market prices react suddenly to unexpected news announcements.

a	I, II, III, and IV
b	I, II, and III only
c	I and III only
d	II and IV only
e	II, III, and IV only