Question: Under the Tobin Separation Theorem ( TST ) , portfolio choice is separated into two stages: 1 - Find the efficient portfolio of risky assets;

Under the Tobin Separation Theorem (TST), portfolio choice is separated into two stages:
1- Find the efficient portfolio of risky assets;
2- Find the optimum fractions to invest in the efficient portfolio of risky assets and in the risk-free asset.
In the first stage of the TST - finding the efficient portfolio of risky assets - how many different efficient portfolios are there?
Group of answer choices
One
Two
Three
An infinite number

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