Question: Using a single rate for borrowing and lending is essentially equivalent to assuming transactions are what? It is like assuming transactions are imperfect. It is

Using a single rate for borrowing and lending is essentially equivalent to assuming transactions are what?
It is like assuming transactions are imperfect.
It is like assuming transactions are costless.
It is like assuming transactions are costly.
Both a and c
Using a single rate for borrowing and lending is

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