All the costs associated with making, reaching, and enforcing agreements are called
A) private costs.
B) opportunity costs.
C) transaction costs.
D) social costs.
Answer: C
Economics
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People supply their resources to the highest-paying alternative, even if working conditions are not equally attractive
a. True b. False
Economics
The table below shows the number of labor hours required to produce one umbrella and one bushel of corn in the United Kingdom and the rest of the world. Calculate the opportunity cost of producing an umbrella in the rest of the world. Labor hours to make:In the United KingdomIn the Rest of the World1 umbrella3.002.001 bushel of corn1.000.25
A. Three bushels of corn B. Eight bushels of corn C. 1/3 of a bushel of corn D. 1/8 of a bushel of corn
Economics