Which one of the following can be illustrated when the trade-off between improvements in efficiency and changes in the distribution of welfare? Oa Utility-possibility curve a OC Positive economics d. Normative economics Which of the following is called when markets are dominated by only a few firms or by a single firm? O a Normative economics ob Projective techniques OC. Positive economics Od Exercise of Monopoly Power in Markets Statement 1: Transactions costs include the time, effort, and cash outlays involved in locating someone to trade with, negotiating terms of trade, drawing contracts, and assuming risks associated with the contracts. Statement 2: The Coase theorem states that governments, by merely establishing the rights to use resources can internalize externalities when transactions costs of bargaining are zero. o a Only statement is correct O. Both statements are false Dohamorro