Which One of the Following Statements Is NOT True

Multiple Choice

Which one of the following statements is NOT true?

A) Competition among investors is an important driver of informational efficiency.
B) If market prices reflect all relevant information about securities at a particular point in time, the market is informationally efficient.
C) In an informationally efficient market, market prices adjust quickly to new information about a security as it becomes available.
D) All of the above are true.