$[10$ marks$]$ Complete each of the following statements.

The CAPM beta of a security is defined as the $q,$ betwe the security$\text{'}$s retum and the market retum, divided by the variance of the market return.

i$)$ In the CAPM framework, no reward is needed for the idiosyncratic risk, which can be redu to a small amount through $q,$

iii$)$ Within the same industry, unlevered asset beta varies less widely across firms than

$q,$