单选题

The financial systems that are operationally efficient are most likely characterized by:

A、 the use of resources where they are most valuable.
B、 security prices that reflect fundamental values.
C、 liquid markets with low commissions and order price impacts.

【正确答案】 C

【答案解析】

Operationally efficient markets are liquid markets in which the costs of arranging trades, commissions, bid-ask spreads, and order price impacts, are low.