Question

Economists expect the firm to maximize __________, the laborer to accept the best __________, and the consumer to find the combination of goods that gives the most __________.a. offers; profits; utilityb. profits; utility; offerc. utility; offer; profitd. profit; offer; utilitye. offers; profits; utility

Answer 1

Answer:

The correct answer is option d.

Explanation:

The firms are expected to maximize profits, the laborers are expected to accept the best offer and the rational consumer is expected to choose the bundle of good that maximizes utility.

Firms will produce the output level where their profits are maximized. The consumer will consume at the level where their total utility is maximized and the laborer will accept the best offer to maximize his benefit.

Answer 2

Answer: Option (d) is correct.

Explanation:

Correct option: Profit; offer; utility.

All the economists expect that a firm's first priority is to maximize the profit and the labors are well versed with all the offers. So, they accept the best offer, which gives them higher wages.

Consumer chooses the combination of goods which gives the higher utility. They wants to maximize their total utility.