In general, markets are efficient when:
prices respond quickly to new information.
each successive trade is made at a price close to the preceding price.
they can absorb large amounts of securities or assets without changing the price significantly.
All of the above

All of the above.

Explanation:

Market efficiency can be defined as the degree to which market prices reflect all the available and relevant information. A market that is truly efficient eliminates the possibility of beating the market, because any information that is available to any particular trader is already incorporated into the market price.

In summary therefore, market efficiency refers to the ability of markets to incorporate information that will provide the maximum possible amount of opportunities available to purchasers and sellers of securities to effect transactions without increasing subsequent transaction costs.

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(75years ,i believe is the correct answer.good luck