It Is Assumed in Standard Economic Theory That a Firm

question 85

Multiple Choice

It is assumed in standard economic theory that a firm makes decisions in an effort to

• A)become as large as possible.
• B)have a highly diversified product.
• C)be favoured politically.
• D)maximize its revenue.
• E)maximize its profits.

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Definitions:

Art Deco

Descended from Art Nouveau, this movement of the 1920s and 1930s sought to upgrade industrial design as a “fine art” and to work new materials into decorative patterns that could be either machined or handcrafted. Characterized by streamlined, elongated, and symmetrical design.

William Van Alen

An American architect best known for designing the Chrysler Building in New York City, a classic example of Art Deco architecture.

My Egypt

A painting by Charles Demuth in 1927, part of the Precisionist movement, symbolically representing industrial America through the image of grain elevators.

Grain Elevator

A storage facility used for handling bulk materials, specifically grains, utilizing a mechanism to elevate the grains from ground level.