e. series 5 14. Which of the following describes the equilibrium relationship between the expected return of a portfolio and the standard deviation of portfolio returns for efficient portfolios? a. CAPM b. SML C. CML d. both A and B 15. The graphical depiction of the CAPM is known as the: a. CML. b. SML. c. characteristic line. 16. In equilibrium, every security will lie on which of the following? a. CML b. SML