Question: The efficient market hypothesis implies that (pick one): Stock prices aggregate the information of a few investors. Competition between investors tends to eliminate positive-NPV trading

The efficient market hypothesis implies that (pick one):

Stock prices aggregate the information of a few investors.
Competition between investors tends to eliminate positive-NPV trading opportunities.
Competition is strongest when information is private and hard to interpret.
Public information may provide large profit opportunities to investors because that information is readily available to all investors.

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