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What is nonresponsiveness? Explain under which type of informational asymmetry it may occur and how it arises. Illustrate the problem in a figure. What type

What is "nonresponsiveness"? Explain under which type of informational asymmetry it may occur and how it arises. Illustrate the problem in a figure. What type of contract will a principal offer to deal with "nonresponsiveness"? (No formulas needed!)

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