Please No plagiairism. EACH answer must be 75-100 words. not 75-100 words all together. Please also have the question above the answer, so I know with answer goes to which question.1. Describe the monitoring problem. How does anincentive-compatible contract address the monitoring problem?2. Define X-inefficiency. Can a perfect competitorbe X-inefficient? Explain why or why not.3. How do network externalities increase thewinner-take-all nature of a market?
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