Which of the following statements is/are correct regarding the remedial measures for asymmetric information and market failure? 1. Signalling theory involves informed parties using credentials, such as education, to convey their quality to uninformed parties. 2. Screening is a mechanism where uninformed parties design self-selecting tools, such as insurance deductibles, to reveal private information. 3. Mandatory disclosure of product information, such as food labelling, is the primary method used to internalize the marginal external costs of negative externalities. Select the answer using the code given below:

Which of the following statements is/are correct regarding moral hazard in the context of market failure? 1. Moral hazard is a form of post-contractual information asymmetry where one party changes their behavior after an agreement is made. 2. George Akerlof's 'Market for Lemons' (1970) is the foundational model used to illustrate behavioral changes in post-contractual moral hazard. 3. In insurance markets, moral hazard arises when the insured party takes greater risks because the potential costs are borne by the insurer. Select the answer using the code given below:

Which of the following statements regarding information asymmetry in market failure is/are correct? 1. Adverse selection is a form of pre-contractual information asymmetry that leads to the selection of undesirable partners. 2. In health insurance markets, adverse selection occurs when high-risk individuals self-select, causing premiums to rise and potentially driving low-risk individuals out. 3. George Akerlof (1970) demonstrated through the 'Market for Lemons' how information asymmetry can cause market collapse. Select the answer using the code given below: