Answer:
C) The invisible hand
Explanation:
Daniel here seeking to produce and increase his welfare is "led by an invisible hand" to negotiate with his suppliers and to sell goods to his neighbors in a way that everybody is better off as a result from these transactions.
This is also a clear example to what Adam Smith was referring to the invisible hand:
"in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was not part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. " Adam Smith, The Wealth of Nations, Book 4, Chapter 2
Answer: A. When the number of interested parties is large and bargaining costs are high.
Explanation:
The Coase Theorem is a legal and economical theory used to describe competitive markets. When the competitive markets are high, bargaining costs are high because each company is is fighting for use of the production and distribution channels. There are efficient input and output levels in a competitive market.
Answer:
The correct option is B, bounded rationality
Explanation:
An ethical dilemma occurs when there is a conflict between one's interest and the interest of the organization leaving one with making choices between serving in the interest one the company or feathering one's nest.
Groupthink implies giving credence to the decision of a group over individual's thinking and creativity.
Bounded rationality is theme that was introduced by Herbert Simon which refers to the fact that making a rational decision is sometimes limited to the information at one's disposal as well as one's mental prowess.
Several of the readings highlight the differences between firms in realizing IT value. The biggest factors in creating these differences are growth prospects , earning history , location, concentration, staff and management, reputation etc.
Growth prospects - this factor looks at how much potential the business has to grow in the future.
Earning history - In earning history, income is a major factor in valuation of any business.
The importance of IT value is the first way to increase value is simply to increase the speed you deliver the kind of value people are willing to, offer better quality.
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