Question: Long - term contracts: are a low - cost alternative to vertical integration when it is possible to build cooperative relationships with suppliers. generally result

Long-term contracts:
are a low-cost alternative to vertical integration when it is possible to build cooperative
relationships with suppliers.
generally result in lower prices than competitive bidding.
achieve the same outcomes as vertical integration, but they incur higher bureaucratic
costs.
are preferable to short-term contracts when there is a minimal need for cooperation.
are preferable to vertical integration when it is not feasible to exchange hostages.
Long-term contracts: are a low-cost alternative to vertical integration when it

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