The basic reason why the firm cannot substitute for the market is that there exists the transaction of human capital inside it.

企业不能替代市场的根本原因在于其内部存在着人力资本交易费用。

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What is the reason that makes the lie east, separating regime behind race can be finally unexpectedly into the central plains, substitute Ming Dynasty.

是 什么 原因使 这一僻处东陲、割据一方的落后民族最后竟能入主中原、代明自立?。

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Low interest rates are great for large companies for the simple reason that they are able to substitute debt for equity at very low borrowing costs.

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No cash or other substitution may be made, except by the Sponsor, who reserves the right to substitute a prize with another prize of equal or greater value if the prize is not available for any reason as determined by the Sponsor in its sole discretion.

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