Suppose a plaintiff hires a lawyer to represent her in a court case. To which of the following contracts would a highly risk-averse plaintiff agree?
A) The lawyer is paid by the hour.
B) The lawyer receives a share of the settlement.
C) The lawyer receives a fixed fee.
D) The lawyer pays the client a fee for the right to the entire settlement.
D
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When a firm increased its output by one unit, its AC decreased. This implies that
A) MC < AC. B) MC = AC. C) MC < AFC. D) the law of diminishing returns has not yet taken effect.
Which of the following is NOT a fundamental objective for the performance of a country's macroeconomy?
A. A reasonable and sustainable balance of payments with the rest of the world B. Interest rates C. Full employment of resources D. Price stability
Which of the following types of firms are least likely to have their MC, AVC, and ATC curves affected by fluctuations in gasoline prices?
A. Firms like UPS that use a fleet of gasoline-powered vehicles. B. Taxi cab and limousine companies. C. Companies that operate bus tours to popular vacation destinations. D. Firms like iTunes that distribute their products over the internet.
The fact that a higher standard of living tomorrow can only be achieved by sacrificing consumption today is an illustration of the:
A. principle of comparative advantage B. principle of increasing opportunity costs C. scarcity principle D. equilibrium principle Difficulty: Easy