Question: Given the vast resources available to mutual fund managers, these managers on average have generally: a outperformed the overall market on a risk-adjusted basis. b

Given the vast resources available to mutual fund managers, these managers on average have generally:

a outperformed the overall market on a risk-adjusted basis.
b beat broad-based indexes.
c proved the market to be strong form efficient.
d underperformed the market on a risk-adjusted basis.
e eliminated excess profits for arbitrageurs.

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