Transaction costs include
A) costs of negotiating contracts with other firms.
B) cost of enforcing contracts.
C) the existence of asset-specificity.
D) All of the above
D
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When depository institutions have negative excess reserves, it indicates that the banking system is not "loaned up."
a. True b. False Indicate whether the statement is true or false
Price elasticity of demand tends to be larger in the long run than in the short run. Which of the following is consistent with the reason why?
a. Because people see fewer and fewer substitutes for the good in the long run. b. Because if price rises, over time producers will be able to offer more substitutes. c. Because over time the good will become a smaller and smaller share of peoples' budget. d. Because over time people's incomes rise.