Which of the Following Is the Best Definition of Transaction

question 9

Multiple Choice

Which of the following is the best definition of transaction cost?

• A) the expense of changing national or regional prices
• B) the cost of participating in a market
• C) the cost of finding suitable products in the market
• D) the cost merchants pay to bring their goods to market

---

Definitions:

Reciprocity

A social exchange principle where the actions of one individual lead to a reciprocal action by another, often seen in cooperative behaviors amongst animals and humans.

Altruism

Selfless concern for the well-being of others, where individuals may act to benefit others even at a cost to themselves.

Kin Selection Theory

A theory in evolutionary biology that predicts organisms will behave altruistically towards their relatives to increase the chances of their genetic traits being passed on to future generations.

Cooperative Hunting

The action of different individuals or species working together to hunt prey, increasing their success rate compared to solo efforts.