in an efficient market

a. there will be a lot of abnormal return

b. stock prices adjust quickly to new information

c. financial managers should not believe that the price they receive as true reflections of value

d. not all relevant and available information are reflected in the stock prices

organized securities exchanges have all of the ff characteristics with the exceptio of

a. each exchange has a central location where buying and selling occurs

b. brokers are members of the exchange by virtue of having purchased a seat.

c. each exchange has multiple locations

d. brokers represent actual buyers and sellers