Which of the Following Statements Is False

Which of the following statements is false?

A) A combination of portfolios on the efficient frontier of risky investments is also on the efficient frontier of risky investments.
B) The conclusion of the CAPM that investors should hold the market portfolio combined with the risk-free investment depends on the quality of an investor's information.
C) The SML holds with some rate r* between r_s and r_b in place of r_f, where r* depends on the proportion of savers and borrowers in the economy.
D) In reality, investors have different information and spend varying amounts of effort on research for assorted stocks.