Profit maximization is

A. the only motive of any firm’s management.
B. a behavioral assumption to simplify analysis.
C. the same as satisficing.
D. a literal description of a firm’s behavior.


Answer: B

Economics

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Ethyl does not like redheads and refuses to hire any at her business. Paul was the perfect job candidate on paper, but the personal interview revealed that he was a redhead. Are there any costs to Ethyl for not hiring Paul?

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why do foreigners export goods and services to buyers in the United States?

What will be an ideal response?

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Suppose that Figure 7.4 shows an industry's market demand, its marginal revenue, and the production costs of a representative firm. If the industry was perfectly competitive, a representative firm would charge a price of:

A. $35. B. $25. C. $20. D. $16.

Economics