1. Inefficient market advocates argue that _______________.
A. prices already reflect all past information
B. prices already reflect all public information
C. prices already reflect all private information
D. None of the above
2. Inefficient market advocates, the pattern on size portfolio returns is believed to be ________.
A. a consequence of a passive strategy
B. a consequence of investors’ irrational behaviors
C. an example of market efficiency
D. an example of limits to arbitrage