Examlex
Which of the following are attempts to ease the principal-agent problem?
Maximizing Utility
The process by which individuals or consumers adjust their consumption of goods and services to achieve the highest level of satisfaction or utility.
Consumer Surplus
The difference between the maximum amount a person is willing to pay for a good and its current market price.
Law of Diminishing Marginal Utility
An economic principle stating that as consumption of a good or service increases, the marginal utility derived from each additional unit decreases.
Marginal Utility
Marginal Utility is the added satisfaction or benefit a consumer receives from consuming one more unit of a good or service.
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