Explain whether the following statements about APT are true or false.

a) APT requires that the market portfolio be efficient.

b) APT builds upon Markowitz mean - variance portfolio theoy.

c) APT assumes that there are both an uncountable number of assets and an uncountable number of systematic factors in the economy.

d) APT assumes the absence of any arbitrage opportunites in the market.

e) APT requires that there is a bound on the variance of idiosysncratic risks.