Per-unit transaction costs:
a. may cause the demand and supply curves to shift either inward or outward depending on the value obtained from transaction agents.
b. refer only to the commission paid to a third-party for each transaction made.
c. are absorbed by the party seeking the transaction.
d. have the same effect on behavior as do lump-sum transaction costs; the difference in terminology is purely definitional.
a
You might also like to view...
The demand for a service like medical care
a. decreases as income increases, indicating that medical care is an inferior good b. is completely insensitive to price; that is, demand is perfectly inelastic c. is perfectly elastic d. is sensitive to the time component of cost e. varies directly with the price of that care
GDP can measure either the total income of everyone in the economy or the total expenditure on the economy's output of goods and services, but GDP cannot measure both at the same time
a. True b. False Indicate whether the statement is true or false