The more complicated the process used to produce a good,
a. the greater are the transaction costs of organizing production through markets
b. the lower are the transaction costs of organizing production through markets
c. the less likely a firm will use administrative controls to organize the production process
d. the more likely a firm will use the market to organize the production process
e. the more likely consumers will choose to purchase the good over other alternatives in the market
A
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A(n) ________ shows the bundles of two goods that provide an equal level of satisfaction to the consumer
A) budget set B) indifference curve C) demand curve D) budget line
Subsidies are payments made by the government of a country to:
a. foreign firms to encourage imports. b. foreign firms to encourage domestic exports. c. domestic firms to encourage exports. d. domestic firms to encourage imports. e. domestic firms to ensure domestic consumption of their goods.