Can a perfect competitor be x-inefficient

Reference no: EM131401749

1. True or false? It is obvious that all for-profit businesses in the United States will maximize profit. Why?

2. Describe the monitoring problem. How does an incentive-compatible contract address the monitoring problem?

3. Define X-inefficiency. Can a perfect competitor be X-inefficient? Explain why or why not.

Reference no: EM131401749

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