This Is an Extensional Definition: "Rock Band" Means Groups Like

question 11

True/False

This is an extensional definition: "Rock band" means groups like the Beatles, the Doors, the Animals, etc.

---

Definitions:

Transaction Costs

Expenses incurred during the process of buying or selling goods and services that are not directly related to their price.

Negative Externality

A cost that is suffered by a third party as a result of an economic transaction.

Externalities

Occurs when the consumption or production of a good affects someone who does not directly consume or produce that good, which can be either positive or negative.

Costs

Expenses incurred in the production of goods or in the provision of services, including labor, materials, and overheads.