Final answer:
The beta of the market is 1, as it is the benchmark against which other investments and portfolios are measured for volatility.
Step-by-step explanation:
The beta of the market is a financial metric that measures the volatility of an investment or a portfolio in comparison to the market as a whole. The correct answer to the student's question is option 'a', which states that the beta of the market is 1. This means that the market itself is used as the benchmark, and by definition, it has a beta value of 1. A beta of less than 1 implies that the investment is less volatile than the market, and a beta greater than 1 signifies that the investment is more volatile than the market.