What is the real GDP in year 1 using base year 1?

What happens to the equilibrium wage and quantity of labor if output price rises?

A) The equilibrium wage and the equilibrium quantity of labor rise. B) The equilibrium wage rises and the equilibrium quantity of labor falls. C) The equilibrium wage falls and the equilibrium quantity of labor rises. D) The equilibrium wage and the equilibrium quantity of labor fall.

Costs that pertain to finding a trading partner and making a trade are called

A) transaction costs. B) transgression costs. C) consumption costs. D) transaction taxes.