Often,private Solutions Are Not Possible Due to the Costs of Negotiating

question 86

Multiple Choice

Often,private solutions are not possible due to the costs of negotiating and enforcing these solutions.What are such costs called

• A)transaction costs
• B)opportunity costs
• C)deadweight loss
• D)corrective taxes

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Definitions:

Public Law

A law that pertains to the public or the state, including constitutional, administrative, and criminal laws, as opposed to private law (civil) matters.

O.J. Simpson

A former American football player, broadcaster, and actor, who was tried and acquitted in the highly publicized murder case of his ex-wife and her friend in the mid-1990s.

Criminal Trial

A legal process in which a person accused of committing a crime is tried in a court of law by a judge and possibly a jury, to determine guilt or innocence.

Plaintiff

The party who initiates a lawsuit in a court of law, seeking legal remedy or damages from the defendant.