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
Economics
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A monopolist increases output from 4 to 5 units. His total revenue increases from $2,750 to $3,600 . Which of the following inferences is true? a. The marginal revenue from the 4th unit is $850
b. The marginal revenue from the 5th unit is $850. c. The total cost of producing the 5th unit is $850. d. The profit earned from producing the 5th unit is $850.
Economics
Under the law of demand, any increase in price will cause ________ in quantity demanded
a. a decrease b. constant change c. an increase d. no change
Economics