That article, "The Nature of the Firm," was authored by Ronald Coase, who observed that in the absence of these entities, bargaining results in efficient solutions to externalities.
In a paper that claims that these entities are misnamed, Steven Cheung used "memorizing slogans" as an example of one of these entities during the Great Leap Forward. Stanley Fischer argued that these entities are dubious theoretical devices based on a suspicion that suitably specific examples of them can rationalize anything. An early article about these entities describes how "decreasing returns to the (*) entrepreneur function" counteract the reduction of these entities by firms, thus explaining the size of firms. That article, "The Nature of the Firm," was authored by Ronald Coase, who observed that in the absence of these entities, bargaining results in efficient solutions to externalities. For 10 points, name these costs of participating in a market.
In a paper that claims that these entities are misnamed, Steven Cheung used "memorizing slogans" as an example of one of these entities during the Great Leap Forward.
transaction costs