Question 3 (15 points) Are the following statements true for false ? Answer TRUE or FALSE and then explain why in a few words. You can pick 3 out of 5 quetions to answer. If you answer all, I will grade the first three. a) If CAPM holds, stocks are only exposed to systematic risk. Returns are not subject to idiosyncratic risk. (5 points) b) If CAPM holds, Bill Gates and Elon Musk holds the same portfolio. (5 points) c) If Apple's beta is higher than Google's beta, Apple's return must be higher than Google's return otherwise there would be free lunch. (5 points) d) If the pandemics disappear out of a sudden, we could expect that the return of Pfrizer (a company that sells vaccines)'s stock drops because in this case a