We can formulate four basic axioms regarding the behavior of investors when making decisions. Which one is wrong?

Select one:

a.

Investors are able to choose between alternatives by ranking them in some order of merit. However, all these projects must belong to a same industry.

b.

Any such ranking of alternatives is transitive in nature.

c.

Investors do not differentiate between alternatives that have the same degree of risk.

d.

Investors are able to specify for any investment whose returns are uncertain, an exactly equivalent alternative which would be equally preferred but which would involve a certain return.