create a response: Market efficiency is categorized into three forms: weak, semi$-$strong, and strong. Weak form efficiency states that all past market prices and historical data are already reflected in stock prices, making technical analysis ineffective for consistently achieving excess returns. Semi$-$strong form efficiency suggests that all publicly available information, including financial reports and news, is already incorporated into stock prices, meaning neither technical nor fundamental analysis can provide an advantage. Strong form efficiency asserts that all information, both public and private $($including insider knowledge$),$ is fully reflected in stock prices, making it impossible for any investor to consistently outperform the market. These forms illustrate how different levels of information impact stock prices and investment strategies.