Which of the following statements about transaction costs in added-value chains are correct?
a) Transaction costs arise at the interfaces between the individual steps of a value chain.
b) Transaction costs are the costs of bank transactions.
c) Generally, the larger the depth of added value of a company, the higher the transaction costs.
d) Organization costs and transaction costs are the same.
Answer: a) Transaction costs arise at the interfaces between the individual steps of a value chain.
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