The Answer Is Transaction Costs cover image

Women in Prison, and ALL Costs are Transaction Costs

The Answer Is Transaction Costs

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The Cost of Waiting in Line

This week's economics joke is actually a cartoon and one of my favorite cartoons, I'll put up a link to it. Just imagine that there's a woman's prison, some women are sitting around a table playing cards. A tough older woman who has been there a long time says in a gravelly voice made deep by years of cigarette smoking: What are you ladies in for? One of the ladies answers, my business prices were higher than my competitors, so I was charged with price gouging. Across the table, another card player says my prices were lower thanMy competitors, soI was charged with predatory pricing. And if you charge the same price, that's collusion. Well,

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