Which of the following is the main reason for private placements being less expensive than public offerings?

a$.$

In a private placement, the requirement for hiring an expensive investment bank to trade the stocks on behalf of the company is not mandatory.

b$.$

Private placements takes place within a firm itself, thereby avoiding expenditures on resources.

c$.$

Privately placed securities are exempt from the requirement to register with the Securities and Exchange Commission $($SEC$).$

d$.$

In private placements, issuers of stocks can quote a high price to the limited number of investors and get high returns.