Answer:
The correct answer is the first statement saying systematic risk affects all the firms in the economy and are caused by macroeconomic factors.
Explanation:
Systematic risk is a type of risk associated with changes in the value of a stock which affects all the firms in the economy. It is caused by macroeconomic factors which are beyond the control of a single individual or firm.
It is also termed as volatility and market risk. It cannot be avoided through portfolio diversification.