Question

It's important to note that sometimes private solutions to externalities do not work. For example, this occurs when an excessive amount of time or money must be spent for parties to reach an agreement. This describes the problem of .

Answer 1

Answer:

Transaction cost

Explanation:

Transaction cost is the cost that is typically in money or time format. It is the cost involved in the context of time or money when a decision is made or an agreement has been reached.

So according to the given situation, there is an excessive amount of time or money spent on parties so that it could be reached to an agreement

Therefore it represents the transaction cost