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Market Structure: Firm Definition and Objectives Quiz

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Market Structure: Firm Definition and Objectives Quiz

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Questions and Answers

What is the main goal or objective of a firm?

Minimize profit and maximize the cost

Break-even point

Maximize market share

Maximize profit and minimize the cost (correct)

How is economic profit calculated?

Total revenue minus explicit cost

Total revenue minus explicit and implicit cost (correct)

Total cost minus explicit and implicit cost

Total revenue minus implicit cost

What is the definition of a firm?

An institution that maximizes market share

An institution that sells goods and services

An independent unit producing goods and services for sale (correct)

An institution that minimizes profit

In perfect competition, at which output does the firm maximize profits?

<p>ON output</p> Signup and view all the answers

What is the total approach used to determine the equilibrium of a firm?

<p>The simplest way</p> Signup and view all the answers

Market Structure: Firm Definition and Objectives Quiz

Choose a study mode

Podcast

Questions and Answers

What is the main goal or objective of a firm?

How is economic profit calculated?

What is the definition of a firm?

In perfect competition, at which output does the firm maximize profits?

What is the total approach used to determine the equilibrium of a firm?

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