Compared with the Capital Pricing Model (CAPM), One Major Advantage

Multiple Choice

Compared with the capital pricing model (CAPM) , one major advantage of the arbitrage pricing model (APT) is that

A) APT can deal with both portfolios and individual securities.
B) APT has an accurate risk measure.
C) APT does not require observing the market portfolio.
D) APT does not depend on expected returns.
E) none of the above