The Basic Goals of Total Utility Maximization,total Profit Maximization,and Total

question 143

True/False

The basic goals of total utility maximization,total profit maximization,and total welfare maximization explain most market activity.
The goal of consumers is to maximize total utility,the business firm's goal is to maximize total profit,and the government's goal is total welfare maximization.

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Definitions:

Cease-And-Desist Order

A legal order issued by a government agency or court directing a person or entity to stop engaging in a particular activity.

Counteradvertising Order

A directive, often issued by a court or regulatory agency, requiring a business to advertise against its own previous misleading advertisements to correct public misinformation.

Substantiated

Supported with evidence or proof; verified as being true, accurate, or justified.

Equal Credit Opportunity Act

A U.S. federal law that prohibits discrimination by lenders against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because they receive public assistance.