asante stipulated that certain assumptions must be present for the capital asset pricing model (capm) to be used. which of the following statements is not one of these assumptions? a) at all times, capital markets are in equilibrium. b) investors can always borrow and lend money at the risk-free rate of return. c) investment expenses, such as taxes and transaction costs, are relevant in investment decision making. d) all investors have the same expectations for a given investment.