单选题
When a risk-free asset is unavailable, the optimal portfolio on an efficient frontier for each investor is represented by the: A. market portfolio. B. utility curve that intersects the efficient frontier. C. highest utility curve that is tangent to the efficient frontier.
【正确答案】
C
【答案解析】In the absence of a riskless asset, the optimal portfolio for an investor is the point of tangency between the efficient frontier and the highest possible indifference curve for the investor.