In economic theory, we assume that the goal of the firm is to:
a. maximize sales revenue.
b. maximize market share.
c. maximize the benefits it provides to its customers.
d. maximize the profit.
e. maximize the sales volume.
d
Economics
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Refer to Figure 4.2. The dominant strategy for Ferris is to
A) go to the movie theater. B) go to the bowling alley. C) go to either the movie theater or to the bowling alley. D) Ferris does not have a dominant strategy.
Economics
The price of a foodstuff falls and the total revenue (received by farmers for selling the foodstuff) rises. What could explain this?
A) Increased supply and elastic demand. B) Real income rises and the foodstuff is an inferior good. C) Real income rises and the foodstuff is a normal good. D) Increased supply and inelastic demand. E) none of the above
Economics