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Why does a principal-agent problem create transactions costs? If the goal is economic efficiency,what liability rule should be used when a principal-agent problem exists?
Probability Function
A mathematical function that determines the likelihood of various potential outcomes for an experiment.
Interval
A range of numbers between two specified limits, often used in the context of confidence intervals in statistics.
Relative Frequency
The ratio of the number of times a value occurs to the total number of observations in a dataset.
Population
The entire group of individuals or items from which samples may be drawn for statistical analysis.
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