--%>

Surviving for maximum profits in competitive firms

Supposing that the competitive firms should seek the maximum profits to survive signifies that: (1) Firm do not make trial-and-error decisions. (2) Each and every firm always seeks the maximum gain and nothing else. (3) Competition is very profitable. (4) None of above.

Can someone please help me in finding out the accurate answer from the above options.

   Related Questions in Microeconomics

  • Q : Purely competitive industry in long run

    When a purely competitive industry is into long run equilibrium, in that case the total: (w) costs of all the firms’ combined outputs are minimized. (x) revenues of the industry are maximized. (y) welfare of society is at its mi

  • Q : Demand Price equivalent to market price

    Can someone please help me in finding out the accurate answer from the following question. People will purchase goods when their demand prices equivalent or surpass: (1) Transaction costs. (2) Market prices. (3) Subjective prices. (4) Price indexes.

  • Q : Market adjustment for new equilibrium

    This market for peanuts will adjust to a new equilibrium at price: (1) P0 and quantity Q0. (2) P1 and quantity Q0. (3) P2 and quantity Q2. (4) P3 and quantity Q1.

  • Q : Output and experiences by long run

    This monopolistic competitor generates Q0 output and experiences: (1) only normal accounting profits, and zero economic profits. (2) positive economic profits. (3) high costs because of excessive managerial salaries. (4) stagnation because

  • Q : Calculating Present Value by Interest

    When all bonds are perpetuities which annually pay $1000 (the sum of one thousand and 00/100 dollars) per annum, at an interest rate of 10 percent, the price of these bonds is: (1) $4000. (2) $5000. (3) $6250. (4) $8000. (5) $10,000.<

  • Q : Revenue receipts treated as legally

    Which kind of revenue receipts are considered as legally compulsory payment imposed on people by the government? Give illustration also. Answer: Taxes imposed on th

  • Q : Unitarily elastic demand by fixing all

    A monopolist who does not price discriminate, that is: (w) cannot maximize profit by producing where demand is unitarily elastic. (x) will maximize profit where demand is unitarily elastic when all costs are fixed. (y) will maximize profit where deman

  • Q : Additionally productive work American

    American workers tend to be additionally productive than their counterparts within Asia since they have: (1) less capital to work along with. (2) more capital to work with. (3) lower marginal products. (4) been instilled along with a stronger work eth

  • Q : Freedom of entry-exit in long run

    Contestable markets and purely competitive markets share the feature of: (w) collusive behavior of huge firms. (x) freedom of entry and exit into the long run. (y) widespread product differentiation. (z) persistent economic profits.

    Q : Tax burden distribution of relatively

    Demands for alcoholic and tobacco beverages tend to be relatively price inelastic and income inelastic. There per unit “sin taxes” upon these products will share out the tax burden: (i) proportionally among high-income and