The costs associated with reaching and enforcing agreements are called
A) private property costs.
B) common property costs.
C) transaction costs.
D) public costs.
Answer: C
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Suppose the respective prices of yogurt, candy bars, and popcorn in Year 1 are $1, $2, and $3 . In Year 2, the unit prices of each are $2, $3, and $4 respectively. Which of the following statements is true of the price level between Year 1 and Year 2? a. It decreased by 20 percent
b. It increased by 33 percent. c. It increased from $6 to $9. d. It decreased at a rate between 20 percent and 50 percent. e. It increased at a rate between 33 percent and 100 percent.
The short-run industry supply curve is found by
A) taking the inverse of the industry demand curve. B) horizontally summing the average total cost curve of all firms in the industry. C) adding up the quantities supplied at each price by each firm in the industry. D) adding up the quantities supplied at each price by each of the firms in the industry that are making a profit.
The study of how benefits are determined for city employees would be considered
A. descriptive economics. B. institutional economics. C. macroeconomics. D. microeconomics.
When a car importer in the UK buys cars from Toyota made in Japan she pays with
A. gold. B. dollars. C. pounds. D. yen.