Question

The costs incurred when a firm buys on the marketplace what it cannot make itself are referred to as

Answer 1

Answer: transaction cost

Explanation:

Transaction costs refers to the expenses that are incurred when a good or service is bought or sold. Transaction cost is the labor that's required in bringing a product to the market.

Transaction cost is the costs that are incurred when a firm buys on the marketplace what it cannot make itself.

Transaction costs are the costs that are incurred which don’t accrue to the participant of the transaction.