Which One of the Following Best Describes the Current Understanding

Multiple Choice

Which one of the following best describes the current understanding of market efficiency?

A) short-term stock price movements are easy to predict
B) markets overreact to unanticipated events in a manner which can be used to earn excess returns
C) the market appears to be highly inefficient
D) short-term market movements are difficult, if not impossible, to predict accurately
E) markets tend to react slowly to unanticipated announcements