If Transaction Costs of Market Exchange Are Small, Then a Firm

question 138

True/False

If transaction costs of market exchange are small, then a firm will expand to produce more of its product internally.

---

Definitions:

Societal Culture

The shared customs, beliefs, values, norms, and social behavior that characterize the members of a society or community.

Business Culture

Business culture encompasses the values, beliefs, behaviors, and practices that define the environment within a company and how it conducts its business.

Laws Enacted

Legislation that has been officially approved and implemented by a governing body.

Moral Philosophy

The branch of philosophy concerned with principles of right and wrong behavior, as well as the goodness or badness of human character.