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What is the grand hypothesis of the transaction costs approach? Contracts are organized to maximize producer surplus, net of consumer surplus Contracts are organized to

What is the grand hypothesis of the transaction costs approach?

Contracts are organized to maximize producer surplus, net of consumer surplus

Contracts are organized to maximize joint wealth, net of transaction costs

Property rights give an individual the ability to exercise choice over a resource

If transasction costs were zero, then property rights would be irrelevant for the efficient allocation of resources

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