Transactions Costs Are

question 67

Multiple Choice

Transactions costs are

• A) broker commissions.
• B) legal fees.
• C) monitoring costs.
• D) all of the above.

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Definitions:

Central Planning

An economic system where key decisions regarding production, investment, and distribution are made by the government or a central authority, rather than left to market forces.

Consumer Goods

Products and services that satisfy human wants directly.

Dollar Votes

A term suggesting that consumers participate in the market and influence production and consumption patterns through their spending choices.

Product Market

The marketplace where final goods or services are traded between producers and consumers.