Total Profit

question 224

Multiple Choice

Total profit

• A)is the difference between sales revenue and costs.
• B)maximization is always the goal of every firm.
• C)is always defined the same by both economists and accountants.
• D)is maximized when sales are maximized.

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Definitions:

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms, policies, or societal expectations.

Social Decision Scheme

A model or strategy used within a group to aggregate individual preferences or opinions into a collective decision.

Groupthink

A psychological phenomenon that occurs within a group of people, in which the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome.

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms or societal standards.