Answered: that must be incurred to plan and take…

that must be incurred to plan and take the trip. Which of these are transaction costs for the travel? (Select all that apply.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Imagine that you and two friends looking ahead to the end of the COVID-19
restrictions, and are planning a camping trip to the west coast of Vancouver Island.
You can all car and have your own tents and sleeping bags. Below is a list of costs
that must be incurred to plan and take the trip. Which of these are transaction costs
for the travel? (Select all that apply.)
| The interest charges on the credit card bill
Collecting money to pay the credit card bills
| The total cost of food
| Deciding whether to invite another friend to share the cost
The price paid for gasoline for the car
| Choosing who should drive on the way to the park

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