For 10 points, Ronald Coase analyzed the "Nature of" what organizations that provide goods and services to consumers?
A 1972 paper by Alchian and Demsetz argues that these entities arise on account of the ability to measure the marginal contributions of inputs and that they mainly serve to reduce information costs. Separate markets for key roles in these entities are analyzed in a paper about "Agency Problems" and the theory of [them] by Eugene Fama. Micro-economically, the size of these entities is optimized at the lowest point on the LAC [L-A-C] curve. A (*) 1937 article explains the origin of these entities as resulting from a desire to minimize transaction costs. In perfect competition, these entities face zero entry costs, so in the long run they can't keep average total cost below their average revenue per product. For 10 points, Ronald Coase analyzed the "Nature of" what organizations that provide goods and services to consumers?
A 1972 paper by Alchian and Demsetz argues that these entities arise on account of the ability to measure the marginal contributions of inputs and that they mainly serve to reduce information costs.
business firms [accept companies or corporations or businesses and equivalents/word forms; accept “The Nature of the Firm”]