Author Question: Hoe does etiquette help in transaction of goods between two parties?[br][br][b][color=black]Question ... (Read 87 times)

D2AR0N · **on:** Jun 30, 2018

Hoe does etiquette help in transaction of goods between two parties?

Question 2

A firm wishing to maximize profits will produce at the level of output where:
a. marginal cost is equal to zero.
b. its total cost curve intersects its total revenue curve.
c. its costs are at a minimum.
d. total revenue exceeds total cost by the largest amount.
e. marginal revenue exceeds marginal cost by the greatest amount.

rleezy04 · **Reply #1 on:** Jun 30, 2018

Answer to Question 1

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.

Answer to Question 2

d