Per-unit transaction costs:
a. may cause the demand and supply curves to shift either inward or outward depending on the value obtained from transaction agents.
b. refer only to the commission paid to a third-party for each transaction made.
c. are absorbed by the party seeking the transaction.
d. have the same effect on behavior as do lump-sum transaction costs; the difference in terminology is purely definitional.
a
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Those who oppose minimum wage legislation argue that:
A. setting a wage above the market-clearing equilibrium creates unemployment. B. it should be set below the market-clearing equilibrium. C. workers deserve a basic standard of living. D. the way to get an efficient labor market is for government intervention.
On which of the following types of unemployment do macroeconomic tools have the greatest effect?
a. Structural unemployment. b. Cyclical unemployment. c. All the above. d. None of the above e. Frictional unemployment
A direct relationship occurs when
A) the two variables being compared change in opposite directions, or when one goes up the other goes down. B) a change in one of the variables causes a change in the other variable in any direction. C) the two variables being compared change in the same direction, or when one goes up the other also goes up. D) the two variables have no identifiable relationship with each other.
From 1989 to 2013, the share of wealth for the top 3% of wealth holders in the United States
A. increased by almost 10 percentage points. B. remained roughly the same. C. increased by more than 45 percentage points. D. decreased by about 8 percentage points.