Suppose Apple announces that its earnings for the fourth quarter of 2011 rose to $2 billion.As a result of this announcement the price of Apple's stock does not change.The best explanation of this is
A) market participants were expecting Apple's earnings to be greater than $2 billion.
B) market participants expected Apple's earnings to be $2 billion.
C) market participants expected Apple's earnings to be less than $2 billion.
D) market participants have adaptive expectations.
Correct Answer:
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