The Economic Theory of Business Behavior Assumes That the Goal

question 41

Multiple Choice

The economic theory of business behavior assumes that the goal of a firm is to:

• A)earn an accounting profit.
• B)earn an economic profit.
• C)earn maximum revenue.
• D)maximize its profit.

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Definitions:

Advocate

A person who publicly supports or recommends a particular cause or policy.

Pentagon Papers

Classified documents leaked in 1971 that revealed U.S. government knowledge and actions regarding the Vietnam War not previously disclosed to the public.

New York Times v. United States

A landmark Supreme Court case in 1971 that made it possible for the New York Times and Washington Post newspapers to publish the then-classified Pentagon Papers without risk of government censorship or punishment.

Prior Publication

Prior Publication refers to work that has been previously published or made publicly available before the submission of a current work, often affecting the novelty or copyright eligibility of the latter.