Economists Assume That the Goal of the Firm Is to

question 56

Multiple Choice

Economists assume that the goal of the firm is to

• A)maximize total revenue
• B)maximize profits
• C)minimize costs
• D)equate total revenue and total cost
• E)break even in the long run

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Definitions:

Skill Level

The proficiency or competence achieved in a specific activity, task, or field, often measured against established standards or through performance assessment.

Interpersonal Intelligence

The ability to understand and interact effectively with others.

Intrapersonal Intelligence

A component of Howard Gardner's theory of multiple intelligences focusing on the individual's capacity to understand oneself and to use such knowledge effectively in regulating one’s life.

Emotional Intelligence

The ability to recognize, understand, and manage our own emotions and those of others.