The paramount goal of a firm is to
A) maximize profit.
B) maximize sales.
C) maximize total revenue.
D) minimize costs.
E) force its competitors into bankruptcy.
A
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Give an example of a price ceiling. Draw a corresponding diagram and explain why there is a continuing shortage.
What will be an ideal response?
Conscription is a more advantageous way to obtain military personnel when _____
a. expenditures on welfare are low b. the conscripted are paid the same as a volunteer army c. the army is large relative to the size of the civilian population d. the country is a dictatorship
The demand curve faced by a perfectly competitive firm is:
a. downward sloping. b. the same as the market demand curve. c. horizontal. d. perfectly inelastic.
In trying to make a profit maximizing decision, managers are concerned about both supply and demand. Which of the following factors affect demand specifically? (select all that apply)
A. Income B. cost of production C. Consumers' tastes D. Price of related goods