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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 370 times)

tnt_battle

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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

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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.


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tnt_battle

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Reply #2 on: Jun 29, 2018
Thank you


dawsa925

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Reply #3 on: Jun 29, 2018
No problemo


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