Author Question: The higher the transaction cost of an exchange, the lower the probability of the exchange taking ... (Read 95 times)

Collmarie · **on:** Jun 30, 2018

The higher the transaction cost of an exchange, the lower the probability of the exchange taking place between the buyer and the seller.
Indicate whether the statement is true or false

Question 2

The average total cost incurred by a firm is calculated by dividing:
a. the change in total cost by the change in the quantity of output.
b. total output by the number of people employed.
c. the change in total output by the change in the number of people employed.
d. total cost by total output.
e. total output by total cost.