TwitterMe, Inc., is a new company and currently has negative earnings. The company's sales are $1.5 million and there are 120,000 shares outstanding. a. If the benchmark price-sales ratio is 4.0, what is your estimate of an appropriate stock price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What if the price-sales ratio were 3.4? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Stock price at a price-sales of 4.0 b. Stock price at a price-sales of 3.4

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.