Which of the following correctly characterizes the penny press?

A) Penny newspapers were affiliated with a political party and relied on politicians for a great deal of their content.
B) The penny press had no hired reporters, and their content was based solely on readers' letters.
C) Rather than relying on subscriptions and political contributions for their revenue, penny newspapers were sold by newsboys on the street and earned money from advertising.
D) Penny newspapers catered primarily to wealthy urbanites and covered mostly financial and commercial news.

The penny press newspapers were sold by newsboys on the streets, and they earned their revenue mainly from advertising, not from subscriptions or political contributions. This model allowed for a wider audience to be reached, including the middle and working classes who could not afford more expensive newspapers. The question's other options are incorrect: A) Penny newspapers were often independent and not affiliated with political parties, and while they covered political news, they did not rely solely on politicians for their content. B) Penny newspapers did have hired reporters and editors who wrote articles, in addition to featuring readers' letters. D) Penny newspapers were aimed at a broad audience, not just wealthy urbanites, and they covered a range of topics beyond just finance and commerce.