Below are the portfolio allocations recommended by three fund managers to satisfy different levels of portfolio variance requests. Variance || Manager A Manager B Manager C T-bill Large Small T-bill Large Small Large Small Stock Stock Stock Stock Stock Stock Low 40% 40% 20% 60% 20% 50% 50% High 20% 20% 60% 20% 40% 40% 30% 70% 20% Manager A and B have access to T-bill, the large stock and the small stock. But manager C only has access to the large stock and the small stock. It's known that the large stock has lower risk premium and lower variance than the small stock. Which manager's allocation for different levels of variance is NOT consistent with efficient portfolio selection (i.e. Markowitz Portfolio Theory)? 6 of 13 A. B. C. Manager A Manager B Manager C None of the managers are consistent with Markowitz Portfolio Theory All of them are consistent with Markowitz Portfolio Theory D. E