In his article, The Nature of the Firm, Ronald Coase
a. suggested that monopolies may be more innovative than competitive firms
b. argued that the economy should be organized into one large firm
c. provided an answer to the question, Why do firms exist?
d. focused on the concept of adverse selection
e. analyzed concentration in U.S. industry
Question 2
One difference between arbitrageurs and speculators is that
a. arbitrageurs buy and sell foreign exchange; speculators do not
b. speculators only buy foreign exchange but do not sell it
c. arbitrageurs take more risks than do speculators
d. speculators take more risks than do arbitrageurs
e. arbitrageurs buy foreign exchange in the hope that its value will increase
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