Middlemen would serve no productive function if
A) information is scarce and transactions costs are zero.
B) information is free and transactions costs are significant.
C) information is free and transactions costs are zero.
D) people only purchased what they need, rather than what they want.
C
Economics
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Which of the following statements is true?
A) Maximum social surplus implies equity. B) Pareto efficiency implies equity. C) Taxation causes redistribution of wealth among the members in a society. D) Market prices act as signals that result in equal distribution of income and wealth in the society.
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Why are all costs really "opportunity costs"?
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