In economics, the term that refers to the time, effort, and other resources needed to search out, negotiate, and consummate an exchange is
A) transaction costs.
B) specialization costs.
C) pecuniary costs.
D) comparative costs.

Question

Quizplus · Accepted Answer

Transaction costs refer to the expenses incurred during the process of buying or selling goods or services, which include the time, effort, and resources needed to search, negotiate, and complete an exchange.

In Economics, the Term That Refers to the Time, Effort