Which of the following statement is correct? Choose only one. a) Economic characteristics of pharmaceutical industry include high levels of research and development (R&D) and low profit margins. b) A commercial bank typically has a low long-term debt to asset ratio. c) A grocery store chain typically has a high asset turnover ratio and a low level of competition. d) Economic characteristics of the commercial bank industry include relatively high entry barriers and a low profit margin on fee-based services. e) NONE of the above