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Author Question: An oligopoly firm is generally characterized by: a. its consideration of rivals' reactions. b. the ... (Read 96 times)

EY67

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on: Jun 30, 2018
An oligopoly firm is generally characterized by:
 a. its consideration of rivals' reactions.
 b. the sale of standardized products.
 c. the possibility of realizing profits in the long run.
  d. both (a) and (c).

Question 2

When does an incomplete contract prove beneficial?


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vseab

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

A contract may remain incomplete because the expected benefits of greater completeness
do not cover the costs of drafting it. In some situations an incomplete contract can discourage opportunistic behavior. Incompleteness may also be helpful if at the time the parties draft the agreement they do not know how they can best react to certain contingencies.


EY67

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

amcvicar

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Reply 3 on: Yesterday
Excellent

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