To Take Advantage of an Arbitrage Opportunity, an Investor Would

Multiple Choice

To take advantage of an arbitrage opportunity, an investor would I) construct a zero-investment portfolio that will yield a sure profit.
II) construct a zero-beta-investment portfolio that will yield a sure profit.
III) make simultaneous trades in two markets without any net investment.
IV) short sell the asset in the low-priced market and buy it in the high-priced market.

A) I and IV
B) I and III
C) II and III
D) I, III, and IV