1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Mamont248 [21]
3 years ago
7

Which of the following statements is TRUE? Economists normally assume that the goal of the firm is to: I. sell as much of their

product as possible. II. set the price of their product as high as possible. III. maximize profit.
Business
2 answers:
aivan3 [116]3 years ago
4 0

Answer:

III. maximize profit.

Explanation:

Profit maximisation is assumed to be the most important goal of most firms. Profit maximization means selling a product at the point where total revenue is at its greatest above total cost.

Profit is maximised where marginal cost equals marginal revenue.

I hope my answer helps you

77julia77 [94]3 years ago
4 0

Answer:

III. maximize profit.

Explanation:

In economics, profit maximization is one of the major goals of a business set up to make profit. Maximization of profit, which is the ultimate goal of business, according to economics is not mainly achieved by mere selling of as much product as possible, nor is it dependent solely by setting a higher price for such product.  

For profit maximization to be achieved in business, whether in the short or long run, the right price, right input and output levels that would yield optimal profit must be carefully determined. In order words, for a firm to maximize profit, it would determine to produce a product at the output level where the marginal revenue equals the marginal cost, or where the total revenue is at the greatest above the total cost.

According to the normal assumption of economists, maximization of profit is the major goal of a firm.

You might be interested in
Why would the federal reserve enact an easy money policy
kirza4 [7]

Answer:

Easy money is a representation of how the Fed can stimulate the economy using monetary policy. The Fed looks to create easy money when it wants to lower unemployment and boost economic growth, but a major side effect of doing so is inflation.

Explanation:

5 0
2 years ago
the contribution margin income statement allows users to easily judge the impact of a change in ______ on profit.
Ne4ueva [31]

The blank space has been correctly filled below:

  • The contribution margin income statement allows users to easily judge the impact of a change in <u>selling price, cost, or volume</u> on profit.

The contribution margin income statement is an evaluation of a former sales period. Entrepreneurs use this procedure to determine whether they made a profit or loss during the period.

After their evaluation, they realize the operating income or net income. The contribution margin is generated using this formula,

Net product revenue - Total variable cost ÷ product revenue.

A proper understanding of the fixed and variable costs is essential to accurately calculate the contribution margin.

Learn more here:

brainly.com/question/24596251

6 0
1 year ago
Why is expected income a large factor in choosing a retirement plan in which to invest?
RoseWind [281]
<span>Because you will be investing in it for the rest of your life. The yields should match the amount you are able to contribute. By doing this, you will be able the needs that needed to be made on current year while not throwing away the money for the future since the fruit of your retirement plan will be ripped when you're no longer in a productive age, 
</span>
8 0
2 years ago
Read 2 more answers
Western National Bank is considering opening a drive-through window for customer service. Management estimates that customers wi
Nimfa-mama [501]

Answer:

Explanation:

find the answer below

6 0
3 years ago
The management of Woznick Corporation has been concerned for some time with the financial performance of its product V86O and ha
kumpel [21]

Answer:

a. ($35,000)

Explanation:

The computation of the financial advantage or disadvantage of dropping product V860 is shown below:

= Sales - Variable cost - Avoidable fixed manufacturing - Avoidable fixed selling

= $150,000 - $72,000 - $30,000 - $13,000

= $35,000

This $35,000 would be a financial disadvantage and the fixed cost should not be considered as it is not held for decision making purpose

Hence, the correct option is a

6 0
3 years ago
Other questions:
  • Describe three issues that might arise from failure to comply with quality control standards.
    10·2 answers
  • When you save your money to buy something I'm six months,which Job is money doing?
    13·1 answer
  • This graph shows how mobile-phone subscriptions
    7·2 answers
  • ​"We ought to do more for the education of our​ children." Statements using words like ought or should are A. normative statemen
    6·1 answer
  • Which methods predicts the amount by which the value of a firm will change if a project is accepted?
    8·1 answer
  • Is it ethical to be a billionaire?
    11·1 answer
  • A client reporting recent right eye discomfort is diagnosed with chalazion of the right eye. The nurse reinforces instructions t
    11·1 answer
  • Which of the following statements ignores the concept of opportunity cost?
    12·1 answer
  • Babuca Corporation has provided the following production and total cost data for two levels of monthly production volume. The co
    13·1 answer
  • Dante, the plant manager at Inferno Manufacturing, is interested in increasing the facility's productivity by utilizing MBO so t
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!