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Basic Question 0 of 11
Which statement is true?
II. Arbitrage activities contribute to market efficiency.
I. Trading limitations contribute to market efficiency.
II. Arbitrage activities contribute to market efficiency.
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I just wanted to share the good news that I passed CFA Level I!!! Thank you for your help - I think the online question bank helped cut the clutter and made a positive difference.

Edward Liu
Learning Outcome Statements
explain the difference between the spot and expected future price of an underlying and the cost of carry associated with holding the underlying asset
CFA® 2025 Level I Curriculum, Volume 5, Module 4.