You are monitoring your investments, which are broadly diversified across industry sectors, regions, and asset classes. The price of oil has dropped 40%, the price of copper has dropped 30%, manufacturing in China has severely slowed, retail indicators are down, and the stock markets in New York, London, and Toronto are all down. Which of the following best describes the risk to your investment portfolio?

a) industry risk

b) foreign exchange risk

c) market risk

d) liquidity risk