Discuss the nature of the principal-agent problem. Determine which is the principal and which is the agent in each of the following relationships:
a. A firm that produces goods for export and the export management company that helps market its goods overseas
b. The management of a firm and its stockholders
c. A homeowner and the plumber hired to make repairs
d. A dentist and a patient
e. An employee-pension management firm and the company using its services