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The separation property refers to the conclusion that A the determination of the best risky portfolio is objective and the choice of the best complete

The separation property refers to the conclusion that

A the determination of the best risky portfolio is objective and the choice of the best complete portfolio is subjective.

B the determination of the best CAL is objective and the choice of the inputs to be used to determine the efficient frontier is subjective.

C the choice of inputs to be used to determine the efficient frontier is objective and the choice of the best CAL is subjective.

D the choice of the best complete portfolio is objective and the determination of the best risky portfolio is objective.

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