Which one of the following statements is correct concerning market efficiency?
a. A firm will generally receive a fair price when it sells shares of stock in an efficient market.
b. Real asset markets are more efficient than financial markets.
c. New information will gradually be reflected in a stock's price to avoid any sudden change in the price of the stock in an efficient market.
d. If a market is efficient, arbitrage opportunities should be common.
e. In an efficient market, some market participants will have an advantage over others.