When a competitive price-searcher market is in long-run equilibrium, the firms in the market will earn

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

A) implicit costs. B) explicit costs. C) enforcement costs. D) transactions costs.

Suppose the current exchange rate between the Mexican peso and the U.S. dollar is 12 pesos = $1

Mexico's GDP in dollars would be greater if the purchasing power parity exchange rate was used to convert pesos to dollars if you could buy the same goods in the United States with ________ as you can in Mexico with ________. A) $1; 12 pesos B) $10; 150 pesos C) $100; 900 pesos D) $1,000; 20,000 pesos