单选题

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

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

【正确答案】 C

【答案解析】

C is correct. Operationally efficient markets are liquid markets in which the costs of trading commissions, bid–ask spreads, and order price impacts—are low.