Burt is listening to a speech in which an argument is made the animals should be used in research. Burt, an owner of three pets, has difficulty listening to the speech. What stage is operating in regard to Burt as a listener?

Security a has a higher standard deviation of returns than security b. we would expect that: (i) security a would have a risk premium equal to security b. (ii) the likely range of returns for security a in any given year would be higher than the likely range of returns for security b. (iii) the sharpe ratio of a will be higher than the sharpe ratio of b. (a) i only (b) i and ii only (c) ii and iii only (d) i, ii and iii