Welcome to Westonci.ca, where your questions are met with accurate answers from a community of experts and enthusiasts. Discover detailed solutions to your questions from a wide network of experts on our comprehensive Q&A platform. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.
Sagot :
Firms are assumed to maximize their profits that is to say, profit maximization.
Profit maximization should occur when there is a significant gap or the biggest difference between the total revenue and the total cost.
A perfectly competitive firm attains maximization of profit when the marginal revenue is equal to the marginal cost.
The benefits of maximizing profit include:
Profit can be used to pay higher wages to owners and workers. (Note that, if firm has monopsony power, the profit may not be shared equally amongst workers).
https://brainly.com/question/28506879
#SPJ4
Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.
