If a monopolistically competitive firm is in long-run equilibrium and average cost equals $150, then the market price must be $150

Which contracting party gains from the use of a more sophisticated contract?

a. The principal, who offers the contract. b. The agent, who accepts the contract. c. Both parties may lose. d. Both parties gain equally.

One thing that did not happen in the former Soviet Union was

a. widespread corruption b. a lack of faith in formal institutions c. workers bribing officials to get good jobs d. consumers paying fair market prices to get desired products e. prices not being allowed to allocate resources efficiently