Economists assume the central goal of any business is to:
A. maximize revenues.
B. minimize costs.
C. maximize profit.
D. maximize market share.
C. maximize profit.
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Property rights allowing individuals to own goods, services, and factors of production are MOST important in
a. socialistic economies. b. planned economies. c. capitalistic economies. d. command economies.
Refer to the following graph. If the price is currently $1.80 then the firm is
a. losing money but should remain in operation.
b. losing money and should shut down to minimize losses.
c. breaking even when it produces 13 units.
d. earning an economic profit.
How can regional concentration of firms in an industry lead to external economies of scale? Give examples of these types of industrial clusters in the United States. Are they always beneficial?
What will be an ideal response?
The Jones family sells peaches at market price. Which of the following explains why they do this?
a. many buyers and many sellers in their market b. few buyers and few sellers in their market c. few buyers and many sellers in their market d. many buyers and few sellers in their market