Transaction costs are
A) all unnecessary and wasteful costs.
B) any nonmonetary costs associated with a transaction.
C) not real costs because they make no positive contribution to economic transactions.
D) the costs of arranging agreements between demanders and suppliers.
E) the opposite of opportunity costs.
D
Economics
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A tit for tat strategy a. Generates the same result as the prisoner's dilemma
b. Provides a way to punish rivals who defect from the jointly optimum behavior c. Means that a firm would cooperate as long as other firms cooperated. d. Both b. and c. are true
Economics
In the simple circular flow diagram, the flow of money from the markets for goods and services to the firms is called
a. spending. b. revenue. c. income. d. wages, rent, and profit.
Economics