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Suppose investors fear a recession and are becoming more risk averse. What is the most likely impact on the securities market line (SML)? The slope

Suppose investors fear a recession and are becoming more risk averse. What is the most likely impact on the securities market line (SML)?

The slope of the SML increases

The slope of the SML decreases

The SML shifts up

The SML shifts down

No impact on the SML

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