Which of the Following Is(are) True Regarding the APT? I)

Multiple Choice

Which of the following is(are) true regarding the APT? I) The security market line does not apply to the APT.
II) More than one factor can be important in determining returns.
III) Almost all individual securities satisfy the APT relationship.
IV) It doesn't rely on the market portfolio that contains all assets.

A) II, III, and IV
B) II and IV
C) II and III
D) I, II, and IV