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[Instruction: Begin by answering whether the following statement is true or false. If you think a statement is false, explain your answer in ONE or
[Instruction: Begin by answering whether the following statement is true or false. If you think a statement is false, explain your answer in ONE or TWO SENTENCES. If you think a statement is true, no explanation is required.]
If the CAPM holds, the arithmetic average beta of all the assets in the market is 1.
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