________ costs are the costs associated with negotiating, monitoring, and governing exchanges between people.
A) Historical
B) Sunk
C) Transaction
D) Opportunity

Question

Quizplus · Accepted Answer

Transaction costs refer to the costs incurred during the process of negotiating, monitoring, and governing exchanges between people. Historical costs refer to costs incurred in the past and are not relevant to the current exchange. Sunk costs are costs that have already been incurred and cannot be recovered. Opportunity costs refer to the cost of forgoing the next best alternative when making a decision.

________ Costs Are the Costs Associated with Negotiating, Monitoring, and Governing