Question 1: Does Dr. Wong have transaction costs in creating this business model? Why will he continue to do this?
Question 2: Everyone knows who Amazon is - explain how the company is a middleman, and name a few products you, family, or friends have ordered. Were there any transaction costs?
Question 3: Explain how phone apps have eliminated transaction costs for you. Find an instance where using an application made obtaining something was made easier (besides Amazon).