All of the Following Conditions Must Occur for a Market

Multiple Choice

All of the following conditions must occur for a market to be considered efficient except:

A) Information is costless and widely available to market participants at approximately the same time.
B) Information is generated in a specific fashion such that announcements are basically dependent on each other.
C) There are a large number of rational,profit-maximizing investors who actively participate in the market.
D) Investors react quickly and fully to the new information,causing stock prices to adjust accordingly.