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Basic Question 1 of 13
Which statement is true?
II. Arbitrage activities contribute to market efficiency.
I. Trading limitations contribute to market efficiency.
II. Arbitrage activities contribute to market efficiency.
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I passed! I did not get a chance to tell you before the exam - but your site was excellent. I will definitely take it next year for Level II.

Tamara Schultz
Learning Outcome Statements
describe market efficiency and related concepts, including their importance to investment practitioners
contrast market value and intrinsic value
explain factors that affect a market's efficiency
CFA® 2025 Level I Curriculum, Volume 3, Module 3.