Milton Friedman Contended That a Business Cannot Increase Its Profits

question 87

True/False

Milton Friedman contended that a business cannot increase its profits while conforming to society's laws and ethical customs.

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Definitions:

Market Price

The present rate at which a service or asset is available for purchase or sale in a market.

Average Variable Cost

The total variable cost divided by the number of units produced.

Long-run Supply Curve

A graphical representation showing the relationship between price and quantity supplied over a period long enough for all inputs to be adjusted.

Short-run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that producers are willing to supply in the short run.