If the market is fully efficient, then an announcement by a firm of a new product with a high net present value will cause the market price of that firm's stock to:
a) immediately decline to a new level equivalent to the decreased value of the firm.
b) remain constant.
c) rise gradually over the next few days.
d) immediately increase to a new level equivalent to the increased value of the firm.
e) decline gradually over the next few days.