Economists Normally Assume That the Goal of a Firm Is

question 172

Multiple Choice

Economists normally assume that the goal of a firm is to earn
(i) profits as large as possible, even if it means reducing output.
(ii) profits as large as possible, even if it means incurring a higher total cost.
(iii) revenues as large as possible, even if it reduces profits.

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

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Definitions:

U-joint

A universal joint, a flexible pivot point that transmits power allowing for variable angles between drive shafts.

Slide Hammer

A tool consisting of a sliding heavy weight mounted on a shaft, used to apply force in a specific direction without striking an object directly, often used in automotive repair for removing parts.

U-joint Puller

A specialized tool used to remove universal joints (U-joints) from drive shafts without causing damage.