Which of the following statements regarding the capital allocation line (CAL) is false?

Group of answer choices

CAL plots the expected return and risk given various allocations to the risk-free asset and the risky assets

Once we have efficient risky portfolios, we allocate between the global minimum variance and the highest Sharpe ratio portfolios

If portfolio P is the highest Sharpe ratio portfolio on the efficient frontier, then everyone will invest in P regardless of risk aversion

Portfolio choice problem is separated into two distinct tasksdetermining the optimal portfolio and allocating between the optimal and the risk-free