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1) What is the principle-agent problem and how can it be avoided? 2

Economics

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1) What is the principle-agent problem and how can it be avoided?

2. What is the difference between explicit and implicit costs?

3. What is the law of diminishing returns?

4. What determines the U-shaped curve of short run production costs?

5. What are economies of scale and diseconomies of scale and how do they contribute to the U-shaped curve of long run average costs?