Your local grocery store reduces transaction costs to the consumer
A) by reducing the consumer's need to travel from food producer to food producer (or manufacturer to manufacturer) to purchase the food staples that the consumer desires.
B) by providing a system that directs funds from lenders to borrowers.
C) by providing a system of justice to enforce contracts.
D) All of the above are correct.
Answer: A
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Absolute advantage is a comparison among producers based on productivity.
Answer the following statement true (T) or false (F)
If an employment situation is characterized by adverse selection,
a. there are too many applicants for each job b. there are too few applicants for each job c. there are exactly the right number of applicants for each job d. there is an excess supply of overqualified applicants for each job e. there is an excess supply of underqualified applicants for each job