Refer to the information provided in Figure 9.2 below to answer the question(s) that follow. Figure 9.2Refer to Figure 9.2. The firm's ________ point is at a price of $6.

Under which of the following circumstances is the principal-agent problem likely to be most serious

a. Between general practitioners and patients. b. Between surgeons and patients. c. Between hospitals and nurses. d. Between dentists and physicians. e. Between physicians and lawyers.

The infant industry argument

a. is that governments should protect all industries for the first five years of existence b. is that governments should protect a new industry until it can "stand on its own feet" c. defends quotas on products produced by infant industries abroad d. has been used to justify protection of strategically important industries e. explains why some less developed countries export raw materials