In a zero transaction cost world, bargaining strength does not affect the efficiency of outcomes;

在一个零交易费用的世界，谈判力量并不影响结果的有效性；

youdao

Since transaction cost is not zero, there cannot be automatic "equal exchange" or economic organization without supervision.

交易费用不为零，就既不存在自动的“等价交换”，也不存在不需要经营、监督和管理的经济组织。

youdao

The question is that in the real world, transaction cost can never be zero.

问题是，真实世界里的交易费用绝不为零。

youdao

The cost to you is usually zero and the transaction cost can be less than 25 cents.

WSJ: Getting Going: Is Your Charity Chiseling You?

In this strategy, called a zero-cost collar, your costs are limited to your transaction costs alone, since your proceeds from selling the calls will zero out the cost of the puts.

WSJ: Stocks Are Riskier Than You Think