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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Are the transaction costs of buying a house higher or lower than those of buying a hamburger at a fast-food restaurant? Explain your answer.

To determine

Explain the relevance of transaction cost.

Explanation

Transaction cost is the cost associated with the exchange of goods and services. It includes transportation cost, and time and effort used for purchasing goods and services. This cost is suffered due to overcoming the market imperfections...

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