In perfectly competitive markets, transactions costs are:
A. generally quite high.
B. seen as a nuisance and generally ignored when making a transaction.
C. low or nearly zero.
D. a natural byproduct of making the transaction.
Answer: C
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Fiscal federalism in the EU refers to
A) one nation's control of the monetary policy of all the other nations. B) freedom of member countries to leave the EU at any time. C) the transfer of economic resources from members with healthy economies to those suffering economic setbacks. D) one nation's freedom to abandon the Euro and use its own currency. E) the transfer of economic resources between members with healthy economies.
All games involve which of the following?
A. Strategies B. Someone to enforce the rules C. Cards or dice D. Full information
In a linear regression equation Y = a + bX, the fitted or predicted value of Y is
A. the values of the parameters predicted by the estimators. B. the value of Y associated with a particular value of X in the sample. C. the value of X that the regression equation predicts. D. the value of Y obtained by substituting specific values of X into the sample regression equation. E. the value of X associated with a particular value of Y.
The benefits-received principle of taxation is most evident in:
A. inheritance taxes. B. excise taxes on gasoline. C. the personal income tax. D. the corporate income tax.