A market situation in which there are a few large firms is called

Compared to a perfectly competitive firm, in a long run the monopolistically competitive firm will have

A) a lower price. B) a lower average cost. C) a horizontal demand function. D) a lower rate of output.

Moral hazard is a problem that arises:

A. before the parties have entered into an agreement. B. after the parties have voluntarily entered into an agreement. C. either before or after the parties have entered into an agreement. D. rarely in any market