The firm in mainstream economic theory is a ‘black box’. Discuss 6 marks b. Explain why defining a firm is a challenge i

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The firm in mainstream economic theory is a ‘black box’. Discuss 6 marks b. Explain why defining a firm is a challenge i

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The firm in mainstream economic theory is a ‘black box’. Discuss
6 marks b. Explain why defining a firm is a challenge in theory 4.
marks c. Compare and contrast a theory of the firm based on Ronald
Coase and Williamson 10 marks a.
Explain why it is difficult to have an ideal contract. 6 marks
b. Using an example define residual of control in contracts. 6
marks c. Discuss why social capital in important in economics 8
marks
a. Compare and contrast values, norms and beliefs 6 marks b.
Discuss why industrial policy debate is back in economics. 10 marks
c. Do you think Kenya should consider industrial policy and why? 4
marks
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