In the employer-worker relationship, the employer is regarded as the "principal" and the worker is regarded as the "agent."
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose a paper mill emits noxious odors that represent a negative externality for people living near the plant
If the plant managers ignore these external effects on their neighbors, what is the efficiency character of the resulting market outcome? A) The plant generates too much paper due to incomplete information. B) The plant generates too much paper because the odors are nonexclusive. C) The plant generates too much paper because the managers ignore the external costs of the air pollution on the neighbors. D) The market outcome is efficient.
Minimum efficient scale varies by industry.
Answer the following statement true (T) or false (F)
The practice of firms temporarily reducing prices in order to eliminate competition is called:
A. competitive pricing. B. predatory pricing. C. discount pricing. D. strategic pricing.
Refer to the graph above. Which demand curve is relatively most elastic between P1 and P2?
What will be an ideal response?