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Determine whether the following transactions involve spot exchange, contracts, or vertical integration.

a. A major oil company refines gasoline from crude oil produced by oil wells that it owns.

b. Transcontinental, an interstate natural-gas pipeline, has a legal obligation to purchase a specified amount of gas per week from a well owned by Fred Smith in Enid, Oklahoma.

c. A cabinetmaker purchased a dozen wood screws from the local hardware store.

d. An electric utility purchases coal from an underground mine.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M948911

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