Hoe does etiquette help in transaction of goods between two parties?
Etiquette is an economic institution that can greatly ease the process by which a transaction moves from proposal to commitment. Parties from different cultures may have particular problems distinguishing behavior that is acceptable from behavior that is not. If an American and an Asian are unaware of each other's etiquette, a valuable transaction could be lost.
Economics
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In the figure above, when 20 units are produced the marginal cost is
A) less than $8. B) $8. C) more than $8 and less than $16. D) None of the above answers is correct.
Economics
At the profit-maximizing level of output, marginal profit
A) is also maximized. B) is zero. C) is positive. D) is increasing. E) may be positive, negative or zero.
Economics