A monopoly that is maximizing profits never operates in the ________ portion of the demand curve.
A) unitary elastic
B) elastic
C) inelastic
D) horizontal
Question 2
In a principal-agent problem, if the contract used leads to the maximum of the principal's and agent's combined value (profits, payoffs), we can say that this contract features
A) inefficiency in production, since only the principal's profits should be maximized.
B) inefficiency in production, since only the agent's payoffs should be maximized.
C) efficiency in production.
D) inefficiency in production, since the agent's payoffs should be maximized and the principal's profits should be minimized.
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