triangle”), we can see that there are only a few stages of production, whereas we know that in reality there is much more of them. This is clearly an isolation, as the specific number of the stages is deemed irrelevant to the inquiry into the nature of
Authors:GheorghiŢa Dincă, Marius Sorin Dincă, and Maria LetiŢia Andronic
. We expected to find three efficient countries, namely the ones placed on the efficiency frontier: Sweden (grey circle), the UK (black circle) and Romania (black triangle). Sweden and the UK are characterised by below average input values and by above
De Jong, H. W. (1997): The European Corporation. In: Admiraal, P. H. (ed.): The Corporate Triangle, the Structure and Performance of Corporate Systems in a Global Economy. Oxford: Blackwell.
is maximised when the water is consumed or produced at q * in Fig. 1 . The shaded area of a triangle in Fig. 1 is the sum of net benefits measured by the vertical distance between marginal benefits and marginal costs at any given quantity in a