What are the three major forms of governance and what are their dimensions?
Transactions take place under governance arrangements that describe the opportunities available to the parties and the constraints under which they operate.The three major forms of governance are markets, contracts, and hierarchies. The two major dimensions of governance are trade-offs and mixed-modes of governance. Decisions taken under different forms of governance entail different trade-offs. On the other hand, transactions can also take place under a mix of governance modes.
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Looking at real and nominal interest rates in the United States since 1971, we see that the
A) nominal interest rate has at times been negative. B) real interest rate has been greater than 10 percent for most years. C) real interest rate has at times been negative. D) real interest rate was above 5 percent during the low inflation of the 1970s. E) real interest is generally greater than the nominal interest rate.
The above figure shows the demand curve for movie rentals from Redbox. If Redbox raised its price from $2.50 to $3.00, between these two prices the price elasticity of demand equals
A) 1.2. B) 0.8. C) 2.0. D) 0.5.