Which of the following relationships between arbitrage and efficient markets is least accurate()
A. The concept of rationally priced financial instruments preventing arbitrage opportunities is the basis behind the no-arbitrage principle.
B. Momentary deviations from market efficiency can create an arbitrage opportunity.
C. Market efficiency refers to the low cost of trading derivatives because of the lower expense to traders.
参考答案：C
解析：
Market efficiency refers to the concept of all relevant information being reflected in an assets price, not the low cost of trading derivatives. One necessary criterion for efficient markets is instantaneous adjustment of market values. Arbitrage, by trading on a price difference between identical assets, causes an imbalance between demand and supply that instantaneously corrects the pricing difference.