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Ingy_ Ingy_
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4 years ago

Question 1.

The costs in time and other resources that parties incur in the process of facilitating an exchange of goods and services are called



▸

explicit costs.



▸

implicit costs.



▸

enforcement costs.



▸

transactions costs.



Question 2.

Private solutions to the problem of externalities are most likely when



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government actively encourages these solutions.



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transactions costs are low and the monetary damages to third parties are high.



▸

transactions costs are low and the number of bargaining parties is small.



▸

transactions costs are low and the number of bargaining parties is large.

Textbook 
InMicro

InMicro


Edition: 1st
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Steve T.Steve T.
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4 years ago
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