Which of the following is not a characteristic of an efficient market?

Which of the following is not a characteristic of an efficient market?

A) Information is rapidly reflected in market prices.
B) The market has a large number of buyers and sellers.
C) Prices vary for a single asset or commodity as a result of differences in people’s willingness to pay.
D) Prices reflect the intrinsic value of an asset.
E) Markets that function with a minimum of waste or excessive trading costs.

ANSWER

C