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What is the definition of an agency problem? Multiple choice question. An agency problem is defined as the difficulties that arise when a principal hires

What is the definition of an agency problem?
Multiple choice question.
An agency problem is defined as the difficulties that arise when a principal hires an agent and cannot fully monitor the agent's actions.
An agency problem is defined as a situation where an employee puts the interests of his employer ahead of his own interests.
An agency problem is defined as a situation where the owners of a firm are also the firm's managers.
An agency problem is defined as a situation where two employees of a firm cannot work together in harmony.

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