QUESTION 23 The higher an asset's beta, the more responsive it is to changing market returns O the less responsive it is to changing market returns O the higher the expected return will be in a down market the lower the expected return will be in an up market QUESTION 24 What is the expected market return if the expected return on Asset X is 14 percent, its beta is 1.2, and the risk-free rate is 2 percent? O 5.0% 7.5% 15.0% O 12.0% QUESTION 25 A firm has a beta of 1.4. The market return equals 12 percent and the risk-free rate of return equals 6 percent. The estimated cost of common stock equity is 6 percent 7.2 percent 14.4 percent