1. (3 points) Which of the following is NOT true? (a) Market value is the true value of an asset, whereas intrinsic value is an observed one. (b) Beta is a measure of how sensitive a stock's returns are to the fluctuations in returns of the market portfolio. (c) The cost of equity is determined by the market, not the firm level. (d) Liquidation value is generally perceived to be less than the going-concern value