Which of the following does not obey the mean-variance rule?

• A. Project X will be preferred to project Y if the standard deviation on X and Y is the same, but the expected return on Y is lower.
• B. Project X will be preferred to project Y if the expected return on X exceeds that of Y and the variance is equal to or less than that of Y.
• C. Project X will be preferred to project Y if the expected return on X and Y is the same, but Y has a higher standard deviation.
• D. Project X will be preferred to project Y if the variance of X is higher than Y and the expected return is lower than Y.