If an important component of a firm's production is difficult to specify in a contract and even more difficult to enforce in its production standards, then it probable makes sense to:. a) buy the component in the open market
b) use a simple short term contract
c) take the risk necessary to buy the component
d) vertically integrate upstream to build the component

The interaction of individual choices because a type of fish is on the verge of extinction, the government imposes rules that prohibit fishing in the publicly owned spawning grounds. at first owners of fshing bouts complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming outside the protected area is much higher than it was before. with the restriction, each fishing boat ends up catching more fish than it did before the r which of the following principles of economic interaction best describes this scenario? o there is a tradeoff between equality and efficiency o markets usually lead to efficiency. o when markets do not achieve efficiency,government intervention can improve overall welfare o markets allocate goodseffectively