In His Famous Critique of the CAPM,Roll Argued That the CAPM

Multiple Choice

In his famous critique of the CAPM,Roll argued that the CAPM ______________.

A) is not testable because the true market portfolio can never be observed
B) is of limited use because systematic risk can never be entirely eliminated
C) should be replaced by the APT
D) should be replaced by the Fama French 3 factor model