John wishes to buy a Toyota Camry. He sees in the newspaper that Kelly is

selling the car. Since John works full-time at Tango Ltd, he took Tuesday off of work

to go and see the car. What kind of cost is this? ______________________________________________________________________

_____

______________________________________________________________________

_____ ___________________________________________________________________

________

11. Why is it that when a lawmaker imposes terms, it is more efficient than when parties

to the transaction mutually decide them? ______________________________________________________________________

_____

______________________________________________________________________

___________________________________________________________________

_____________

12. Why is information non-excludable? ______________________________________________________________________

_____

______________________________________________________________________

___________________________________________________________________

_____________

______________________________________________________________________

_____

13. Why do some inventors rely on trade-secrets protection as opposed to patent