Using your knowledge and judgment select the best answer about the testability of the Efficient Market Hypothesis $($EMH$)$:

EMH is not testable because of the technical issues researchers face by applying statistical techniques to this type of problem.

EMH is easily testable and multiple studies have used different models to test it$.$

Although EMH cannot be tested directly, we can still draw some conclusions about market efficiency by identifying return predictability factors $($anomalies$).$

EMH is not testable at all because of the joint hypothesis problem and dependence on the choice of the model of risk.