________ are the time and resources spent trying to exchange goods and services.
A)Bargaining costs
B)Transaction costs
C)Contracting costs
D)Barter costs

Question

Quizplus · Accepted Answer

Transaction costs refer to the costs incurred in order to exchange goods and services. Bargaining costs refer to the costs of negotiating the terms of the exchange, contracting costs refer to the costs of writing and enforcing a contract, and barter costs refer specifically to the costs of exchanging goods without using money. Hence, the correct choice is B.

________ Are the Time and Resources Spent Trying to Exchange