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Which of these are arguments that support the position that the efficient market hypothesis fails in actual application? I. Arbitrage may involve too much risk

Which of these are arguments that support the position that the efficient market hypothesis fails in actual application? I. Arbitrage may involve too much risk to offset irrational behaviour II. Investors may be irrational III. Irrationalities are contervailing IV. Irrationality may be related across investors

I and II only

II, III, and IV only

I, II, III, and IV

I, II, and IV only

II only

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