Within the context of strategic management it is important to understand that black swan events in the past have demonstrated that 1) stakeholders can affect or be affected by a firm's actions. 2) capitalism as an economic system is highly reliable. 3) companies con successfully integrate cost-leodership and differentiation strategies 4) globalization has reduced the need for standardized corporate ethics

Many potential buyers value high-quality used cars at the full-information market price of € p1 and lemons at € p2. a limited number of potential sellers value high-quality cars at € v1 ≤ p1 and lemons at € v2 ≤ p2. everyone is risk neutral. the share of lemons among all the used cars that might be potentially sold is € θ . suppose that the buyers incur a transaction cost of $200 to purchase a car. this transaction cost is the value of their time to find a car. what is the equilibrium? is it possible that no cars are sold