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QUESTION 5 Explain and discuss how information asymmetry can impact economic efficiency. In your answer cover the following: a) What is principal-agent problem? Support your

QUESTION 5

Explain and discuss how information asymmetry can impact economic efficiency. In your answer cover the following:

a) What is principal-agent problem? Support your answer with relevant examples.

b) What is efficiency wage? Support your answer with appropriate graph.

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