Transactions Costs Are

question 26

Multiple Choice

Transactions costs are:

• A)the costs of establishing and maintaining property rights.
• B)the costs of exploiting economic resources for production.
• C)very expensive.
• D)caused when people impose externalities on others.

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Definitions:

Procedural Knowledge

Knowledge of how to perform tasks or procedures, often acquired through practice and experience.

Generalization

The ability to apply learned behaviors or responses to new and similar situations.

Conditioned Response

A learned reaction to a specific stimulus through conditioning, which becomes automatic over time.

Reinforcement

In learning and behavior theory, a process of encouraging or establishing a pattern of behavior by offering rewards or consequences.