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Fill in the blanks to outline the logic of the adverse selection problem in the health insurance market.Insurance companies, (lacking/having) complete information about the health status of individuals, (cannot know/ know with certainty) whether an individual is a high‑cost or a low‑cost customer. If they charge premiums based on the expected average cost per customer, some (low‑cost/high cost) individuals will choose not to purchase insurance. This would increase the average cost of providing insurance and force insurance companies to raise premiums. Higher premiums, however, cause still more (low‑cost/high cost)customers to stop purchasing insurance, so that insurance premiums rise still more. Ultimately, this process may cause the insurance market to collapse.

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