Contracts are: a. are command-based systems in which prices ...

[K@]

Contracts are:
 a. are command-based systems in which prices usually play a relatively small role.
  b. a set of promises intended to create economic value and enforceableby a court or some other agency, such as an arbitrator.
 c. are a mode of governance that facilitate the purchase and sale of standardized goods or services, often in repeated transactions.
  d. economic institutions that can greatly ease the process by which a transaction moves from proposal to commitment.

Question 2

Overhead costs are identical to fixed costs.
 a. True
  b. False
  Indicate whether the statement is true or false

[SeanoH09]

Answer to Question 1

B

Answer to Question 2

False

[K@]

Correct answers!

[SeanoH09]

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