« previous next »

Author Question: The price of a first-class stamp in 1957 was 3 cents, and it is 49 cents in 2014. From this we know ... (Read 502 times)

tnt_battle

  • Hero Member
  • *****
  • Posts: 556
on: Jun 29, 2018
The price of a first-class stamp in 1957 was 3 cents, and it is 49 cents in 2014. From this we know that
 
  A) both the relative and the absolute price of first-class stamps increased from 1957 to 2014.
  B) the money price of first-class stamps increased from 1957 to 2014 but the absolute price of first-class stamps stayed constant.
  C) the money price of first-class stamps increased from 1957 to 2014 and the relative price of first-class stamps decreased.
  D) the money price of first-class stamps increased from 1957 to 2014, but we can't tell if the relative price of first-class stamps increased or decreased without more information.

Question 2

What are transaction costs? What are some ways in which society reduces transaction costs?
 
  What will be an ideal response?


dawsa925

  • Sr. Member
  • ****
  • Posts: 326
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

Transaction costs are costs associated with exchanging goods and services. They include information costs associated with finding out price, quality, and other characteristics of the good and the other party in the exchange, and costs of contracting and enforcing the contract. Organized markets, retail stores and shopping malls, advertising, and middlemen are several institutions that have developed to reduce transaction costs.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

tnt_battle

  • Hero Member
  • *****
  • Posts: 556
Reply #2 on: Jun 29, 2018
Thank you


dawsa925

  • Sr. Member
  • ****
  • Posts: 326
Reply #3 on: Jun 29, 2018
No problemo


« previous next »
 

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

Asthma attacks and symptoms usually get started by specific triggers (such as viruses, allergies, gases, and air particles). You should talk to your doctor about these triggers and find ways to avoid or get rid of them.

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

Side effects from substance abuse include nausea, dehydration, reduced productivitiy, and dependence. Though these effects usually worsen over time, the constant need for the substance often overcomes rational thinking.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

This 1795 engraving of a Stamp Act protest delineates a class division. The three British Tories—one This 1795 engraving of a Stamp Act protest delineates a class division. The three British Tories—one
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896 Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
Student Raises Hand in Class Student Raises Hand in Class
Differences in the antigen-processing pathways between MHC molecules class I and class II. Differences in the antigen-processing pathways between MHC molecules class I and class II.
Structures of class I, class II, and class III mobile genetic elements Structures of class I, class II, and class III mobile genetic elements
Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ... Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ...
Video: Retina

For a complete list of videos, visit our video library