Which of the Following Statements About Market Efficiency Is Generally

Which of the following statements about market efficiency is generally considered to be true?

A) For inefficient markets, security prices will rapidly reflect new information.
B) It is easy to forecast the direction of future security price changes in the short run.
C) Short-run price changes occur independent of information coming to the market.
D) On average, most stocks are mispriced.
E) In the absence of legal constraints, investors with inside information will be able to earn excess returns.