Elias is a risk-averse investor. David is a more risk-averse investor than Elias. Therefore,

A for the same return, David tolerates higher risk than Elias.

B for the same risk, Elias requires a lower rate of return than David.

C for the same return, Elias tolerates higher risk than David.

D for the same risk, David requires a higher rate of return than Elias.