Imposing the no$-$arbitrage condition on a single$-$factor stock market implies which of the following statements? I$)$ The relationship between expected return and beta holds for all but a few well$-$diversified portfolios. II$)$ The relationship between expected return and beta holds for all but a few well$-$diversified portfolios. III$)$ The expected return$-$beta relationship holds for all but a few individual securities$.$ IV$)$ The relationship between expected return and beta holds for all individual securities$.$ Question $10$ options: I and III I and IV II and III II and IV Only I is correct.