Economists Usually Assume That Households and Firms,respectively,maximize

question 36

Multiple Choice

Economists usually assume that households and firms,respectively,maximize

• A)income and sales.
• B)savings and profits.
• C)wages and revenues.
• D)utility and profits.
• E)expenditures and profits.

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Definitions:

Operating Costs

Expenses associated with the day-to-day functioning of a business, including costs related to administration, sales, and production operations.

Service Hours

A measure of the amount of labor time or effort that is provided by a company as a service.

Percentage Change

A mathematical calculation that indicates the degree of change over time, expressed as a percentage.

Price Decrease

A reduction in the monetary amount that consumers are required to pay to acquire a good or service.