What is the definition of the term agency problem?

Group of answer choices

a.

The difficulties that arise in professional baseball when players become free agents.

b.

The difficulties that arise when a principle hires an agency to represent their company.

c.

The difficulties that arise when a principle hires an agent and cannot fully monitor the agent's actions.

d.

When a principle hires an agent and must monitor every move they make, because they have found the agent to be unethical.