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Separating equilibria can be sub-optimal because a.everyone would be better off if there were no signals but if one agent signals then everyone has to.

Separating equilibria can be sub-optimal because

a.everyone would be better off if there were no signals but if one agent signals then everyone has to.

b.signals can be too costly.

c.signals lack credibility.

d.humans are inherently conformist.

please explain and provide correct answer otherwise downvote and report

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