Moral hazard is associated with
A) imperfect information.
B) perfect information.
C) the low costs of monitoring behavior.
D) all of these choices.
Question 2
For a firm that is competitive in both product and factor markets, the value of the marginal product of labor:
a. is constant and equal to the market wage.
b. increases, causing the labor supply curve to slope upward.
c. declines because the marginal product of labor diminishes as the number of workers rises.
d. declines because a competitive firm must lower product price in order to increase sales.
Examining the survivorship curve of a Dall mountain sheep population reveals information on the caus
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