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5. Which of the follow describes the basic problem of Adverse Selection? a. It occurs before the transaction, and is due to a change in

5. Which of the follow describes the basic problem of Adverse Selection?

a. It occurs "before the transaction," and is due to a change in behavior of the agent.

b. It occurs "after the transaction," and is due to a change in behavior of the agent.

c. It occurs "after the transaction," and is due to inherent unchanging characteristics of the agent.

d. It occurs "before the transaction," and is due to inherent unchanging characteristics of the agent.

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