Select the INCORRECT Statement Regarding the CML

Select the INCORRECT statement regarding the CML.

A) The CML is an equilibrium relationship for efficient portfolios and individual securities.
B) The CML represents the risk-return tradeoff in equilibrium for efficient portfolios.
C) The intercept of the CML is the reward per unit of time available to investors for deferring consumption.
D) Standard deviation is the measure of risk which determines a portfolio's equilibrium return.