Transaction costs are likely to be ________ when property rights are ________ clearly defined
A) lower ; less
B) higher; more
C) lower; more
D) Trick question: there is no causal relationship between transaction costs and property rights.
C
Economics
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If an industry's long-run per-unit costs decrease as its output increases then
A) the firm's long-run economic profits must be less than zero. B) the firm is most likely a decreasing-cost industry. C) the firm is most likely an increasing-cost industry. D) the firm is most likely a constant-cost industry.
Economics
A market is contestable if
a. the number of firms is larger than oligopoly. b. firms spend a lot on advertising. c. there is free entry and exit. d. firms have kinked demand curves.
Economics