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Transaction costs Multiple choice question. occur when the market does not produce a level of output that maximizes total surplus. give the owner of a

Transaction costs Multiple choice question. occur when the market does not produce a level of output that maximizes total surplus. give the owner of a resource the control to use it in any way he or she sees fit. tell us if a property right is well defined and transaction costs are low resources will gravitate to their highest-valued use. involve the costs in terms of time energy and resources associated with searching out negotiating and completing a transaction

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