Markets Reduce Transactions Costs

question 156

Multiple Choice

Markets reduce transactions costs

• A)by decreasing the time spent searching for information about goods and services
• B)only when they have a highly structured set of rules like the New York Stock Exchange
• C)because each market uses the same set of rules for buying and selling goods and services
• D)only when the government can coordinate the plans of many buyers and sellers
• E)when prices are set by the sellers and are not determined by negotiation between the buyers and the sellers

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Definitions:

Withdrawal

A psychological and/or physical syndrome that occurs after cessation of or reduction in intake of a substance that was used regularly.

Activity Theory

The view that elderly people want and need to remain active in a variety of social spheres—with relatives, friends, and community groups—and become withdrawn only unwillingly, as a result of ageism.

Engaged

The state of being fully involved or interested in a particular activity or task, often leading to a higher level of productivity or understanding.

Community Groups

Organizations or gatherings of people who come together to address shared interests, concerns, or goals within a community.