'The commercial banking industry in Canada is less competitive than the commercial banking industry in the United States because in Canada only a few large banks dominate the industry, while in the United States there are around 6,500 commercial banks.' Is this statement true or false?

A. False. The reason for the large number of US banks is anticompetitive regulations such as branching restrictions

B. False. It is not true that the industry is dominated by a few large firms; thus, based on the Herfindahl-Hirschman Index, the banking industry in Canada is just as competitive as in the United States

C. True. The banking industry is less competitive in Canada than in the United States because Canada has a national banking system, i.e., owned and operated by the government

D. True. The reason for the large number of US banks is regulations that promote competition such as branching restrictions