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BSZ textbook, we can think of the firm as the locus of a set of contracts. Below, I have posted a diagram from the text

BSZ textbook, we can think of the firm as the locus of a set of contracts. Below, I have posted a diagram from the text that highlights some of those contracts. Note that some of these contracts are quite explicit, detailed, and formal, whereas others are implicit and based on a shared general understanding rather than on a formal legal agreement.

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