[单项选择]The main feature of a convention--a pattern of behavior that is customary, expected, and self-enforced--is that, out of a host of conceivable choices, only one is actually used. This fact also explains why conventions are needed: they resolve problems of indeterminacy in interactions that have multiple equilibria. Indeed, from a forma[ point of view, we may define a convention as an equilibrium that everyone expects in interactions that have more than one equilibrium.
The economic significance of conventions is that they reduce transaction costs. Imagine the inconvenience if, whenever two vehicles approached one another, the drivers had to get out and negotiate which side of the road to take. Or consider the cost of having to switch freight from one type of railroad to another whenever a journey involves both a wide-gauge and a narrow-gauge railroad line. This was a common circumstance in the nineteenth century and not unknown in the late twentieth: until recently, Australi
A. undemocratic.
B. based on past traditions.
C. not cost effective.
D. none of the abov

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