In General,microeconomic Theory Assumes That Firms Attempt to Maximize the Difference

question 14

Multiple Choice

In general,microeconomic theory assumes that firms attempt to maximize the difference between

• A)total revenue and accounting costs.
• B)price and marginal cost.
• C)total revenues and economic costs.
• D)economic costs and average cost.

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Definitions:

Fifth Amendment

An amendment to the US Constitution that provides several rights to individuals, including protection against self-incrimination and double jeopardy.

Defective Corporation

A corporation about which an error or omission was made during its incorporation process.

Incorporator

An individual who applies for incorporation on behalf of a corporation.

Promoters

Individuals or companies that initiate and take the responsibility for setting up a business or company.