Answered

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According to the book, the socioeconomic model is one in which businesses believe strongly that their sole role is to maximize profits.

A. True
B. False

Sagot :

GinnyAnswer

Final answer:

The statement is false as it oversimplifies the objectives of businesses, which may prioritize various factors beyond just profit, such as sustainability and social responsibility.


Explanation:

False

According to the information provided, economists assume that the objective of firms is to maximize profit. However, the statement in the question is false as it implies that all businesses believe their sole role is to maximize profits, which is not always the case. Businesses may also prioritize other objectives such as sustainability, social responsibility, or long-term growth.Profit Maximization is a key concept in business and economics, emphasizing the importance of firms seeking to maximize their profits efficiently within the economic system they operate in.

Learn more about Profit Maximization here:

https://brainly.com/question/17233964


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