According to Michael Spence (1973), which among the following assumptions of signaling theory are true?

A. Individuals differ in productivity

B. Productivity is fully person specific

C. Individuals do not know their productivity, but their employers do.

D. Schooling levels can be observed without incurring a cost

E. The productivity of individual is affected by schooling

Choose the most appropriate answer from the options given below:

1
B, C, & D Only
2
A, C & E Only  
3
A, B & D Only  
4
C, D & E Only

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