An increase in the MRP for each unit of labor
A. means that the marginal physical product of labor rose.
B. means that more labor is demanded by the firm.
C. means that the demand for the final product has fallen.
D. means that labor's productivity has risen.
B. means that more labor is demanded by the firm.
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Quotas usually lead to larger deadweight losses than tariffs
Indicate whether the statement is true or false
Suppose Bob owns two factories that are located several hundred miles apart. Bob decides to manage one of the plants himself, and he hires another person to manage the second plant
For purposes of operating the second plant, who is the agent and who is principal? A) Bob is the agent and the manager is the principal. B) Bob is the principal and the manager is Bob's agent. C) Both Bob and the manager are principals. D) We need more information to determine the identities of the principal and the agent in this case.