Interdependence among firms is characteristic of:
a. perfectly competitive markets.
b. monopoly markets.
c. oligopoly markets.
d. monopolistically competitive markets.
Question 2
According to the Coase theorem, if transactions and negotiations are costless:
a. people would arrive at agreements that maximize their individual benefits.
b. people would arrive at agreements that maximize the total economic value.
c. people would arrive at agreements that minimize their individual costs.
d. people would arrive at agreement that minimize the total social cost.
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