when relationship-specific exchange occurs in complex contractual environments, the best way to purchase input is thorough
What will be an ideal response?
vertical integration
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Suppose we are considering the relationship between two variables y and x. y is measured on the y-axis and x is measured on the x-axis, and the relationship between then is a straight line. Suppose that the slope of the line is equal to 1
This slope means that A) a change in x is associated with a bigger change in y. B) a change in x is associated with a smaller change in y. C) a change in x is associated with no change in y. D) a change in x is associated with an equal change in y.
A main rationale for government intervention in markets ________ and ________
A) is to reduce producer surplus; redistribute wealth B) concerns the creation of public goods; reduces free-riding C) is to correct market failures; increase surplus D) There is never an economic rationale for government intervention.
China's high net exports must be balanced by:
A. low net capital outflows. B. high net capital outflows. C. lownet imports. D. high net capital inflows.
Given the value of marginal product of labor, the higher the wage rate, the higher the number of workers employed
Indicate whether the statement is true or false