Question

Employing a lawyer to draft and enforce a private contract between parties wishing to solve an externality problem is an example of a(n) ______________cost

A opportunity Correct Answer Incorrect Answer
B implicit Correct Answer Incorrect Answer
C sunk Correct Answer Incorrect Answer
D transaction Correct Answer Incorrect Answer
E explicit Correct Answer Incorrect Answer

Solution

Transaction costs areexpenses incurred when buying or selling a good or service.

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