Transactions costs refer to A) the cost of transporting goods ...

[RODY.ELKHALIL]

Transactions costs refer to
 
  A) the cost of transporting goods from one destination to another.
  B) the raw material cost of production.
  C) the costs in time and other resources that parties incur in the process of agreeing to and carrying out an exchange of goods or services.
  D) the implicit costs of production.

Question 2

Firms that face downward-sloping demand curves for their output in the product market are called
 
  A) price takers. B) monopolists. C) price dictators. D) price makers.

[Viet Thy]

Answer to Question 1

C

Answer to Question 2

D