uncertainty, and risk of opportunism are the three major reasons due to which U.

Question

uncertainty, and risk of opportunism are the three major reasons due to which U.S. Steel prefers to own its mines, enrichment facilities, and ore carriers.
Answer Involuntary transactions
Transaction costs
Nonspecificity of assets
Trademark and credibility

During the peak season, when demand for pipeline transport of natural gas at the maximum legally allowable price exceeds the available capacity:
Answer buy-sell transactions take place.
pipeline owners vertically integrate into gas production.
price discrimination becomes prominent.
pipeline owners use discretionary powers to ration capacity to shippers.

Piece rates are used when:
Answer an individual

Explanation / Answer

Transaction costs

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