The Drop in Administrative Costs Relative to Transaction Costs Is

question 46

Multiple Choice

The drop in administrative costs relative to transaction costs is explained by:

• A)Dominant firms' ability to push down wages.
• B)A relentless search for lowering operational costs
• C)The emergence of globalisation
• D)An increase in the efficiency of firms, induced by improvements in technology and management techniques

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Definitions:

Inheritance

The process by which genetic information is passed on from parents to their offspring, determining certain characteristics of the offspring.

Irrational

Not logical or reasonable; actions or thoughts that do not follow rational principles.

Reflective Judgment

The process of thinking critically about complex issues, considering multiple perspectives, and making decisions based on reasoned analysis.

Teen Years

The period in human development that occurs between childhood and adulthood, typically between ages 13 and 19.