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Why is parallel data transmission preferred over serial data transmission for most applications?

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Why is parallel data transmission preferred over serial data transmission for most applications?

(a) It is much slower

(b) It is cheaper

(c) More people use it

(d) It is much faster

This question was addressed to me in an international level competition.

Question is from Fast Adder & Serial Adder topic in section Arithmetic Circuits of Digital Circuits

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Right answer is (d) It is much faster

Explanation: Parallel data transmission preferred over serial data transmission for most applications because it is much faster as bits are transmitted simultaneously, whereas in serial data transmission, bits are transmitted one by one.

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