As the number of substitutes for a good increases, the absolute value of its own-price elasticity

Because of the problem of scarcity, each economic system must make which of the following choices?

a. How to produce? b. What to produce? c. For whom to produce? d. All of these.

_____ increases with the variability of outcomes and the underlying degree of randomness in the environment that can affect a business relationship

a. The problem of double marginalization b. Asset specificity c. Uncertainty d. Volumetric interdependence