Firms that anticipate hold-up, choose organizational or contractual forms
a. To give each party both the incentive to make relationship-specific investments
b. To give each party both the incentive to ignore sunk costs
c. To give each party both the incentive to reduce investments in reputation
d. To give each party both the incentive to make non-specific investments
a
Economics
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Average variable cost equals
A) fixed cost divided by output. B) total variable cost divided by output. C) marginal cost divided by output. D) marginal cost plus fixed cost. E) marginal cost multiplied by output.
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One way of expressing the tradeoff between income equality and efficiency is to say the more equally the pie is divided, the
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