Discussion
What limits the gain of a differential pair with an active load?
Answer: C
With the external load impedance no longer dominant, the gain settles at the transconductance times the device's own output resistance, a few thousand. The tail impedance governs common-mode rejection rather than differential gain, current gain does not appear in the expression, and the supply limits swing. Removing whichever element dominates a limit reveals the limit beneath it, and here what is revealed is the device's intrinsic gain. Framing the question as which quantity the change acts upon makes the answer follow without calculation.
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