When the number of parties involved in the transaction is small, Coase's solution of assigning property rights may not be enough
Indicate whether the statement is true or false
false
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Which of the following statements is true for both Microsoft and a locally owned restaurant?
A. Both confront perfectly elastic demand for their products. B. Both are perfect competitors. C. Both seek to maximize profits. D. Neither firm is able to influence the price of their products.
Which of the following is not equal to the others in equilibrium?
A) the real wage B) the marginal rate of substitution between leisure and consumption C) the marginal product of labor D) the price of consumption
If U.S. real GDP grew from $12 trillion one year to $12.7 trillion the next, the annual growth rate would be:
A. 5.8 % B. 94.4 % C. 105.8 % D. 5.5 %
A money back guarantee will be provided by the owners of ___, but not by the owners of ____
Fill in the blank(s) with the appropriate word(s)