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Which of the following statements if FALSE?If we assume that the market portfolio is efficient, then changes in the value of the market portfolio represent unsystematic shocks to the economy.Beta differs from volatility.The risk premium investors can earn by holding the market portfolio is the difference between the market portfolio's expected return and the risk-free interest rate.Stocks in cyclical industries, in which revenues tend to vary greatly over the business cycle, are likely to be more sensitive to systematic risk and have higher betas than stocks in less sensitive industries.
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