The price elasticity of demand measure is generally stated as an absolute value

Which of the following is true of vertical integration?

a. It leads to the formation of larger firms from smaller ones. b. It occurs when a firm adds more layers of management. c. It occurs when firms try to buy up their competitors and corner the market. d. It has no effect on the internal organization of a firm; it only affects outside markets. e. It occurs when a firm buys another firm in a completely unrelated market.

Most markets involve the use of money for transactions because:

a. goods and services can be exchanged more easily with money than without it. b. goods and services cannot be exchanged without money. c. using money requires a double coincidence of wants. d. the transaction costs of using money are very high. e. the value of money remains same across countries over time.