[3] Using diagrams, explain the Bardhan and Udry's (1999) moral hazard model of credit markets with focus on the below four cases, and discuss the implications for borrower and lender welfare and the efficiency of the equilibrium in each case: (i) competitive equilibrium with complete information (ii) competitive equilibrium with incomplete information (iii) equilibrium with a fully informed monopolist (iv) competition between an informed local money lender and uninformed outside lenders