Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will be paid a fixed fee. Under this contract,
A) production efficiency is achieved.
B) the client bears all of the risk.
C) the lawyer has an incentive to lie about his hours worked.
D) All of the above.
B
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If a significant portion of firms in the economy does not immediately adjust product prices, then the short-run aggregate supply curve
A) slopes downward. B) slopes upward. C) is horizontal. D) is vertical.
The four-firm concentration ratio in the breakfast cereal industry is 80 percent
How does the five competitive forces model provide better insight into the degree of competition in the breakfast cereal industry than just observing the concentration ratio?
The physical and mental talents people bring to production processes comprise the resource called
A) entrepreneurship. B) natural resources. C) capital. D) labor.
During the Great Depression in the 1930s the banking industry was crippled so badly that nearly ________ of the banks failed.
A. 20% B. 33% C. 50% D. 25%