Economists Normally Assume That the Goal of a Firm Is

question 602

Multiple Choice

Economists normally assume that the goal of a firm is to
(i) sell as much of its product as possible.
(ii) set the price of the product as high as possible.
(iii) maximize profit.

• A)(i) and (ii) only
• B)(ii) and (iii) only
• C)(iii) only
• D)(i), (ii), and (iii)

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Definitions:

Environmentally Friendly

Refers to products, services, or practices that cause minimal harm to the environment or contribute to its sustainability.

Manufacturing Techniques

Various methods, technologies, and processes used in the production of goods, ranging from traditional manufacturing processes to advanced digital technologies.

Virtuous Circle

A chain of events that reinforces itself through a feedback loop, leading to a favorable outcome.

Corporate Social Responsibility

A business model that helps a company be socially accountable to itself, its stakeholders, and the public.