Imagine we can only form the portfolios of risky stocks (correlation of one stock to any other stock is less than 1) and cannot include risk-free assets. Which of the following will be true?

a.

There will be only one efficient portfolio.

b.

Number of available efficient portfolios will depend on the correlations among the risky stocks.

c.

There will be infinite efficient portfolios.

d.

Number of available efficient portfolios will depend on the covariance among the risky stocks.

e.

There will be no efficient portfolio.