MANAGEMENT

Detailed explanation-1: -a pricing objective in which a firm aims to make as much profit as possible as quickly as possible; maximum market penetration and long-term profit considerations are ignored.

Detailed explanation-2: -They serve different purposes in business; revenue maximization can be beneficial in the short-term, but profit maximization is a long-term strategy intended to promote lasting business success.

Detailed explanation-3: -The principal difference between short run and long run profit maximization is that in the long run the quantities of all inputs, including physical capital, are choice variables, while in the short run the amount of capital is predetermined by past investment decisions.

Detailed explanation-4: -The profit-maximizing choice for the monopoly will be to produce at the quantity where marginal revenue is equal to marginal cost: that is, MR = MC.