In reality, decisions made by firms may not always produce maximum total profit because some executives
A. are more motivated by altruism.
B. are more interested in market share than profits.
C. may push research and development to the point that profits decline.
D. All of the responses are correct.
Answer: D
Economics
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Because the value of marginal product diminishes as the quantity of labor employed increases, the ________ the wage rate, the ________ workers the firm hires
A) lower; more B) higher; more C) lower; fewer D) None of the above answers is correct because there is no relationship between the wage rate and the number of workers hired.
Economics
If a firm sells its output at a price greater than AC, it will earn economic profit.
Answer the following statement true (T) or false (F)
Economics