Which of the following summarize(s) the classical theory of asset prices?I. An asset price equals the present value of expected income from the asset. II. Expected income is the best possible forecast based only on past information. III. The interest rate in the present-value formula is less than the safe interest rate plus a risk premium

In a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so. what is another way to state this fact? (a) market supply is much more elastic in the long run than the short run. (b) in the long run, average total cost is minimized. (c) in the long run, price equals marginal cost. (d) market supply is much less elastic in the long run than the short run.