Puffery exists when a firm makes an exaggerated statement about a good or service, while a claim is a factual statement made about a good or service

In the milk power scandal in China in 2008, milk farmers were found to add melamine into milk purchased by milk product producers such as Mengniu. This case illustrates that ________ increases transaction costs for milk product producers.

A. asset specificity B. partner opportunism C. small numberness D. frequency of transaction

Which of the following is true of product modification?

a. It entails the creation of marketable new products. b. It necessitates the use of crowdsourcing to develop new ideas for a product. c. It goes beyond applied research by converting applications into marketable products. d. It makes cosmetic or functional changes to existing products.