Explanation:

• Option A (Correct): In weak-form market efficiency, prices reflect all historical market data but do not incorporate all public information. This allows investors to potentially outperform the market using fundamental analysis, as not all public information is already priced in.

• Option B (Incorrect): In semi-strong-form market efficiency, prices reflect all publicly available information, including past and present data. As a result, fundamental analysis is less effective in consistently generating abnormal returns.

• Option C (Incorrect): In strong-form market efficiency, prices fully reflect all information, both public and private. Even insiders cannot earn abnormal returns, making it impossible to outperform the market using fundamental analysis.