b$.$ Does your answer to

$($a$)$

imply that the market for KCP stock was inefficient in$2006?($Select all the choices that$$ apply.$)$

A$.$

Probably not. In$2006,$ investor expectations were likely very

differentlong dash$$KCP

might have continued to grow.

B$.$

$$Ex$-$post, the stock is likely to do better or worse than$$ investors' expectations.

C$.$

The market would be inefficient if the stock price was overpriced or underpriced relative to what would have been reasonable expectations in $2006.$

D$.$

The market would be inefficient only if the stock was underpriced relative to what would have been reasonable expectations in $2006.$