Transaction costs are the costs incurred by the parties involved in a market mechanism situation, such as search costs, costs of negotiation of contracts, enforcement costs of arbitration or litigation, and the costs of monitoring the fulfillment of parties' obligations

Question

Quizplus · Accepted Answer

Transaction costs are the costs incurred by the parties involved in a market mechanism situation, as described in the statement.

Transaction Costs Are the Costs Incurred by the Parties Involved