Under a principal/agent relationship, the agent faces high costs of determining whether the principal is actually making efforts to the extent the agent expects

A supply curve is defined as the relationship between

A) the price of a good and the quantity that producers are willing to sell. B) the income of consumers and the quantity of a product that producers are willing to sell. C) the income of consumers and the quantity of a product that consumers are willing to buy. D) the price of a good and the quantity that consumers are willing to buy.

The existence of a kinked demand curve under oligopoly conditions may result in

A) price flexibility. B) price rigidity. C) competitive pricing. D) None of the above