The separation property refers to the conclusion that...

Select one:

a$.$ the determination of the optimal risky portfolio is universal, and the choice of the optimal complete portfolio is individual.

b$.$ the choice of the optimal complete portfolio is universal, and the determination of the optimal risky portfolio is individual.

c$.$ the choice of inputs to be used to determine the efficient frontier is universal, and the choice of the optimal CAL is individual.

d$.$ the determination of the optimal CAL is universal, and the choice of the inputs to be used to determine the efficient frontier is individual.

e$.$ investors are separate beings and will, therefore, have different preferences regarding the risk$-$return tradeoff.