all well-diversified portfolios.

44. Imposing the no-arbitrage condition on a single-factor security market implies which of the following statements?
I) the expected return-beta relationship is maintained for all but a small number of well-diversified portfolios.
II) the expected return-beta relationship is maintained for all well-diversified portfolios.
III) the expected return-beta relationship is maintained for all but a small number of individual securities.
IV) the expected return-beta relationship is maintained for all individual securities.