单选题

An internally efficient security market is most accurately characterized as a market in which（）。

A、 the cost of a transaction is minimized.
B、 an asset's price reflects all available information about the asset.
C、 prices do not change much from one transaction to the next in the absence of new information.

【正确答案】 A

【答案解析】

A securities market is defined as efficient if the cost of a transaction is minimal. This attribute is typically referred to as internal efficiency.