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Which one of the following is not correct regarding principal-agent relationships ?

A Modern democratic state is based on principal-agent relationship

B Principal-agent relationships can be reduced to contractual terms

C The relationships are in between ‘population’ and its ‘rulers’

D The ‘rulers’ cannot be the ‘principal’ for the staff engaged for delivering contract

Answer & Explanation
Answer: The ‘rulers’ cannot be the ‘principal’ for the staff engaged for delivering contract

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