Which of the following statements is always true of transaction costs?

$(2$ Points$)$

When your rivals external transaction costs are greater than yours, you have a competitive advantage.

Companies can reduce their external transaction costs by engaging in vertical integration

Internal transaction cost analysis is used to identify a firm's resource strengths & weaknesses as well as opportunities & threats present in their industry.

When the costs of pursuing an activity in$-$house are greater than the costs of transacting activity in the market, vertical integration is a good decision.