$.$ Which of these statements is $($are$)$ false?

I. One of the primary rationales that markets exist is that they can $$price risk$.$

II$.$ Inefficiencies in markets produce incorrect pricing mechanisms.

III. Stock prices reflect investors$$ collective reaction and assessment of information.

IV$.$ Capital markets allocate risks: it presents enough variety to appeal to all investor levels of risk tolerance.

a$.$ Only II and IV are false

b$.$ Only IV is false

c$.$ All but IV are false.

d$.$ Only III is false.

e$.$ All are true; NONE are false

f$.$ I, II and IV are false