A 4-year-old boy presents with speech delay and difficulty understanding speech in noisy environments, despite normal hearing thresholds on pure-tone audiometry. Otoacoustic emissions (OAEs) are present bilaterally. The pattern marked **A** in the audiogram (Normal OAEs + Absent ABR) is consistent with Auditory Neuropathy Spectrum Disorder (ANSD). Which of the following best explains the pathophysiologic basis of this dissociation?