The Grangers would most likely support which policy?

In which of the following are the parties likely to avail themselves of norms for the transaction?

a. When transactions are repeated b. When the stakes for both parties are high c. When court costs are low d. When information costs are high

Identify the correct statement about repeated negotiations from the following

a. Patterns in repeated negotiations can persist over time but are usually region-specific. b. The payoff from repeated negotiations is higher than that from negotiations which are unlikely to be repeated. c. Experience can help the parties understand each other's positions when negotiations involve previously unencountered issues. d. The greater the experience of the buyer the higher the benefits he realizes from a repeated negotiation.