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Which of the following is NOT a reason for the specialness of financial intermediaries? Select one: a. Lower average information costs. b. Lower price risk

Which of the following is NOT a reason for the specialness of financial intermediaries?

Select one:

a. Lower average information costs.

b. Lower price risk and superior liquidity attributes of financial claims to household savers.

c. No agency costs.

d. Lower average transaction costs.

e. All of the above.

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