Question
In: Economics
If you were a business owner and your goal was to maximize the amount of income...
If you were a business owner and your goal was to maximize the amount of income you made, which firm would you prefer to own?
Select one:
a. a monopolist
b. a perfectly competitive firm
c. a monopolistically competitive firm
d. a microeconomic firm
e. either a monopoly or monopolistic competitive firm
Solutions
Expert Solution
Option a
monopolist
A monopolist is one firm in the market and has power over price and earn profit in the long run
But the monopolistic competition and perfect competition firms can not earn profit in the long urn so you will prefer being a monopolist.
Rahul Sunny answered 2 years agoRelated Solutions
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You are the manager of a gas station and your goal is to maximize profits. Based...
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maximize profits. Based on your past experience, the elasticity of
demand by Ohioans for a car wash is -3, while the elasticity of
demand by non-Ohioans for a car wash is -1.5. If you charge Ohioans
$9 for a car wash, how much should you charge a man with a Kentucky
license plate for a car wash?
A.
$6
B.
$15
C.
$18
D.
$9
You are the manager of a gas station and your goal is to maximize profits. Based...
You are the manager of a gas station and your goal is to
maximize profits. Based on your past experience, the elasticity of
demand by Texans for a car wash is -4, while the elasticity of
demand by non-Texans for a car was is -6. If you charge Texans $20
for a car wash, how much should you charge a man with Oklahoma
license plates for a car wash?
a.
$20.00
b.
$1.50
c.
$18.00
d.
$15.00
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If you were a small business owner would you want to most of
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B) Generate growing sales
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D) maximize the market value of the shareholders' investment in
the company
E) Increase profit margins
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all workers it represents. In this case it will probably aim for a
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a.
0.
b.
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c.
1.
d.
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Are you agree? yes or no ? why?
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