"An objective of firms is to maximize profits." This statement

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"An objective of firms is to maximize profits." This statement

"An objective of firms is to maximize profits." This statement

▸ is an assumption used by economists to predict the behaviour of firms.

▸ is an unrealistic assumption, and therefore of little use to economists.

▸ is a normative statement and thus cannot be tested.

▸ has been proven by empirical testing to be always true.

▸ applies only to corporations.

Textbook

Microeconomics

Edition: 17^th

Author: Ragan

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