All of a firm's inputs are considered to be variable in the long run
a. True
b. False
Indicate whether the statement is true or false
True
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Answer the following statement(s) true (T) or false (F)
1. In the principal-agent problem, assigning full liability to the agent gives no incentive for the principal to avoid damages. 2. Transaction costs arise when property rights are nonexistent. 3. If all parties can enter into negotiations, social optimum is achieved with or without a Pigou tax. 4. A free-rider problem occurs when people can share in the benefits of an activity without being forced to contribute to its costs. 5. Court decision involving torts are irrelevant to social welfare.
How would you evaluate the quality of this equation overall? Do you have any concerns? Explain
What will be an ideal response?
Human wants:
a. are unfilled only in the poorer countries of the world. b. can be completely satisfied by advancing technology. c. can never be fully satisfied. d. only apply to necessities. e. exist only if we are selfish.
Cherry picking is the act of
A. admitting the most expensive students, leaving the less expensive ones to public schools. B. employing highly educated teachers, leaving the less educated ones to public schools. C. employing highly experienced teachers, leaving the less experienced ones to public schools. D. admitting students who are easy to educate, leaving the harder ones to public schools.