The costs associated with the negotiation and enforcement of an agreement are
A) property costs.
B) resource factor costs.
C) transaction costs.
D) attorney fees.
C
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At $30 each, Jack will buy 1 Blu-ray and at $25, he will purchase 2 . If the price is $20, Jack's consumer surplus is:
a. $10. b. $15. c. $20. d. $25.
For a good that is a luxury, demand
a. tends to be inelastic. b. tends to be elastic. c. has unit elasticity. d. cannot be represented by a demand curve in the usual way.
When a country runs a deficit in its current account, the amount of foreign exchange that the country gets from exporting goods and services and from receipts of unilateral transfers falls short of the amount needed to pay for its imports and to make unilateral transfers. Where does the additional foreign exchange come from?
a. From domestic citizens who purchase foreign goods and services b. From domestic citizens who invest in production facilities, real estate, or financial assets in foreign countries c. From foreigners who invest in domestic production facilities, real estate, or financial assets, and from official government transactions in foreign currency d. From government who buy bonds and stocks from foreigners
An example of a monopolistically competitive industry is grocery stores.
Answer the following statement true (T) or false (F)