Economic Goals
What will be an ideal response?
Efficiency vs. Equity
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In a public corporation, asymmetric information often results in a principal-agent problem between top management and ownership. What information would help to prevent this principal-agent problem?
What will be an ideal response?
Refer to Table 3-2. The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. At a price of $75, the quantity demanded in the market would be
A) 6 oz. B) 46 oz. C) 52 oz. D) 127 oz.
Cartels usually succumb to divisive forces caused by
A. limited information. B. members cheating by giving secret discounts. C. entry by new rivals seeking profits. D. insufficient profits compared to independent operations.
Which of the following is not an example of economic regulation?
a. Preventing a firm from starting up in a town. b. Maintaining a minimum price for a good. c. Restricting the use of hazardous materials without proper protection. d. Requiring a minimum amount of goods produced in a given year.