A Market Decline of 23% on a Day When There

Multiple Choice

A market decline of 23% on a day when there is no significant macroeconomic event ______ consistent with the EMH because ________.

A) would be,because it was a clear response to macroeconomic news.
B) would be,because it was not a clear response to macroeconomic news.
C) would not be,because it was a clear response to macroeconomic news.
D) would not be,because it was not a clear response to macroeconomic news.
E) We cannot tell based on the information given.