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. Would there be any violence in a world with no transaction costs?
. Would there be any violence in a world with no transaction costs?
"Since monopoly is a "bad" thing for consumers but a "good" thing for producers, on balance, we cannot be sure that monopoly is responsible for any loss in economic efficiency." True/False. Explain.
Shops along Rodeo Drive sell ultra expensive consumer products - designer clothing, diamonds, hand bags, watches... you name it. What is a serious transaction cost problem facing such firms? (Hint: are there other places where consumers could find such "products"?) Do you think this is why, when you walk into these shops, you'll often see jade onyx stone walls, marble floors, vaulted ceilings, water fountains, and other fancy decor? Explain.
