Which of the following is NOT a benefit associated with producing inputs within a firm?
A. Reduction in transaction costs.
B. Reductions in opportunism.
C. Mitigation of hold-up problem.
D. Gains of specializing.
Answer: D
Economics
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When economists say the quantity demanded of a product has increased, they mean the:
a. demand curve has shifted to the left. b. demand curve has shifted to the right. c. price of the product has fallen, and consequently, consumers are buying more of it. d. price of the product has risen, and consequently, consumers are buying less of it.
Economics
A competitive firm sells its output for $30 per unit. Is the firm's marginal revenue less than, equal to, or greater than $30?
Economics