_____ are the total of all costs that a buyer and a seller incur as they gather information and negotiate a purchase-and-sale transaction.
A) Opportunity costs
B) Operating costs
C) Transaction costs
D) Historical costs

Question

Quizplus · Accepted Answer

Transaction costs are costs that arise during the process of exchange between buyers and sellers, including the costs of searching for information, negotiating the terms of the transaction, drafting contracts, and enforcing agreements. Opportunity costs refer to the costs of foregone alternatives, operating costs are costs associated with the ongoing production or operation of a business, and historical costs refer to past expenses.

_____ Are the Total of All Costs That a Buyer