Advantages of financial intermediation include: I. Lower risk, since investors have a claim against a professional lending institution instead of a specific DSU II. Reduced search costs, since it's cheaper for depositors to allow financial intermediaries to find prospective borrowers III. Enhanced liquidity, since depositors can withdraw money on demand from financial intermediaries a. I only b. I and II only c. I and III only d. I, II, and III Which of the following is a defining feature of fractional reserve banking? a. Depositors have restricted access to money in their bank accounts b. There is no limit to the amount of credit that banks can extend to borrowers c. Bank deposits held on reserve are not sufficient to cover all outstanding loans d. Each of these is correct