In the question below, a sentence is given which has a blank, meaning something has been omitted. From the options below, choose the correct combination of phrases that can fit in the blank to make the sentence grammatically and meaningfully correct. As digital payment infrastructures expanded across developing economies and transaction costs declined substantially, informal market participation ______ over the subsequent decade. 1. accelerated at an unprecedented pace 2. having accelerated considerably 3. witnessed substantial acceleration

The sentence discusses: → a consequence resulting from expansion of digital payments and lower transaction costs. Evaluate: 1. accelerated at an unprecedented pace → Correct Directly completes the sentence and gives a clear finite verb. Sentence: informal market participation accelerated at an unprecedented pace… 2. having accelerated considerably → Incorrect “Having + past participle” introduces a participial clause and requires another main clause to follow. Incorrect structure: informal market participation having accelerated considerably… Sentence becomes incomplete. 3. witnessed substantial acceleration → Correct This creates a meaningful construction. Sentence: informal market participation witnessed substantial acceleration… Thus only 1 and 3 fit. Hence, option (3).