It is appropriate to refer to the security market line (SML) as the pricing line, because a. The expected return of a security is proportional to the time-series volatility of its equilibrium price. b. None of the other options are correct C. Every investor invests in an equilibrium portfolio that has a lower Sharpe ratio than the market portfolio. d. Only idiosyncratic risk is priced in equilibrium. e. Given the forecast about an investment's payoff (accumulated value), its expected return is determined by its equilibrium price