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Which of the following statements are true regarding the selection of a portfolio from those that lie on the capital allocation line? 1) II) Less risk-averse investors will invest more in the risk-free security and less in the optimal risky portfolio than more risk-averse investors. More risk-averse investors will invest less in the optimal risky portfolio and more in the risk-free security than less risk-averse investors. Investors choose the portfolio that maximizes their expected utility. III) a. Shortly support or refute the above statements one by one with your own words b. When is there an opportunity to buy? The asset's location in E vs. Std.dev is above capital allocation line b. The asset's location in E vs. Std.dev is below capital allocation line a. Explain why C. Describe effficient market hyphothesis. In a transparent market where everyone does logical decisions do we expect assets far from capital allocation line in long term? Explain why