In Economics, the Term That Refers to the Time, Effort

question 217

Multiple Choice

In economics, the term that refers to the time, effort, and other resources needed to search out, negotiate, and consummate an exchange is

• A) transaction costs.
• B) specialization costs.
• C) pecuniary costs.
• D) comparative costs.

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Definitions:

Opportunity Cost

The expense incurred by not choosing the second-best option in any decision-making process.

Higher Prices

An increase in the cost of goods or services in the market.

Quantities

The amount or number of a material or item present or available.

Peanut Butter

Peanut butter is a food paste or spread made from ground dry roasted peanuts, often enriched with various ingredients like salt, sweeteners, or emulsifiers.