ane has a portfolio of 20 average stocks, and Nick has a portfolio of 2 average stocks. Assuming the market is in equilibrium, which of the following statements is CORRECT?

a. Jane's portfolio will have less diversifiable risk and also less market risk than Nick's portfolio.

b. The required return on Jane's portfolio will be lower than that on Nick's portfolio because Jane's portfolio will have less total risk.

c. Nick's portfolio will have more diversifiable risk, the same market risk, and thus more total risk than Jane's portfolio, but the required (and expected) returns will be the same on both portfolios.

d. If the two portfolios have the same beta, their required returns will be the same, but Jane's portfolio will have less market risk than Nick's.

e. The expected return on Jane's portfolio must be lower than the expected return on Nick's portfolio because Jane is more diversified.

I know the answer is C ca you explain why A,B,D and E are incorrect. Thank you in advance!