Asked by
Tsz Wai Cheung
on Dec 12, 2024
Verified
In economics, the term that refers to the time, effort, and other resources needed to search out, negotiate, and consummate an exchange is
A) transaction costs.
B) specialization costs.
C) pecuniary costs.
D) comparative costs.
Transaction Costs
Expenses incurred during the process of buying or selling a product or service, typically including taxes, communication charges, and other financial fees.
- Recognize the role and impact of transaction costs on the efficiency of markets and exchanges.
Verified Answer
VG
Learning Objectives
- Recognize the role and impact of transaction costs on the efficiency of markets and exchanges.