In the 1980s and 1990s the only way the average investor could invest in corporate bonds was through Mutual Funds. There were many reasons this was the case, some of which included (i) individual bonds were expensive purchasing a single bond could cost tens if not hundreds of thousands of dollars out of reach for a single investor to build a bond portfolio, (ii) finding data and research on corporate bonds was difficult in the 80s and 90s (still true today), and (iii) pricing information and even access to bond markets was tricky if not impossible for the average Josephine. These three frictions are best described as _____________________________________________________________?