Question 21 Last semester, you took a class with Professor Richardson during which she defined the Bleta of an Industry as the ratio of the Covenance between S&P 500 returns and the Industry retur) and the variance of S&P 500 retum. Based on Professor Richardson's definition you would be more inclined to expect the beta of cyclical industries to be and the Set of defensive industries to be greater than 1. less than 1 less than 1. greater than 1 equal to 1; equal to 1 greater than 1: greater than 1 less than 1, less than 1