When Market Is in the Semi-Strong Form of Market Efficiency

Multiple Choice

When market is in the semi-strong form of market efficiency:

A) investors would be able to earn abnormal returns by using publicly available information.
B) a security's price at a particular time fully reflects the information contained in its sequence of past prices.
C) investors would be able to earn abnormal returns by trading on private information.
D) a security's price at a particular time fully reflects both publicly and not publicly available information.