ECONOMICS
PROFIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following can be a firm’s short run objective?
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Profit Maximization
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Revenue Maximization
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Profit Satisficing
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Market Share Dominance
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All of the above
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Explanation:
Detailed explanation-1: -Which of the following is a short-run decision for a firm? in the short run, complete adjustment of all inputs is impossible, while in the long run all inputs can be adjusted. the opportunity costs of production are lower in the short run than in the long run.
Detailed explanation-2: -Refer to the costs that remain fixed in the short period. These costs do not change with the change in the level of output. For example, rents, interest, and salaries.
Detailed explanation-3: -The short-run production function defines the relationship between one variable factor (keeping all other factors fixed) and the output. The law of variable proportions explains such a production function. Was this answer helpful?
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