In Order to Organize and Carry Out Transactions Efficiently,firms Alternate

question 70

Multiple Choice

In order to organize and carry out transactions efficiently,firms alternate between _____

• A)profit and revenue maximization.
• B)vertical and horizontal integration.
• C)economies of scale and economies of scope.
• D)internal production and market purchase.
• E)skill development and training.

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Definitions:

Informal Contract

An oral or written contract that is not under a seal or is not a contract of record. Also called simple contract.

Quasi-Contract

An obligation imposed by the law to avoid injustice, even though no true contract exists between the parties.

Duty to Mitigate Damages

The legal principle requiring a party suffering loss as a result of a breach of contract to take reasonable action to minimize the financial harm.

Breach of Contract

A violation of any of the agreed-upon terms and conditions of a legal contract.