You have average returns, variances, and the covariance for two assets. You create a spreadsheet to compute, for different allocations of the two assets, portfolio returns in column A and portfolio standard deviations in column B. You create a graph, using the data in columns A and B and the graph looks like a tilted J. What would cause this?

• A. The portfolios are all inefficient.
• B. The portfolios are all efficient.
• C. The axis numbers need to be adjusted so the graphs origin is not (0, 0).
• D. The data columns need to be switched.