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Search costs involve the effort and resources needed to find goods at the best price. Lower search costs can benefit consumers by enabling better deals. Informational advertising can help reduce search costs and aid informed decision-making.
Search costs refer to the time, effort, and resources expended to find desired goods or services at the best price. An example of search costs is driving to a faraway place to find available goods, where the cost includes not just the gas but also the time and effort spent.
Lower search costs can lead to more extensive searches, potentially resulting in better deals for consumers. With the prevalence of informational advertising, such as online price comparisons, consumers can reduce search costs and make more informed purchasing decisions.
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