Question: Minimum 650 - 750 words maximum. 8. Internal contracts are those in which in place of the complicated market structure with exchange transactions is substituted

Minimum 650 - 750 words maximum.

8. Internal contracts are those in which "in place of the complicated market structure with exchange transactions is substituted the entrepreneur-co-ordinator, who directs production" (Coase, 1937, p.388). Describe the costs and benefits of internal contracts in comparison to market transactions

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