Question 21 4 points Last semester, you took a class with Professor Richardson during which she defined the Bet of an industry as the ratio of the (cowance between S&P 500 returns and the Industry's returned the variance of S&P 500 retum. Based on Professor Richardson's definition you would be more inclined to expect the bets of cyclical industries to be and the beta of defensive industries to be greater than 1: less than 1 less than greater than tot: equal to 1 greater than 1 greater than less than 1, less than 1