Unit 7 (Revision of Firms Objectives)
Quiz by Snobar Rauf
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7 questions
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- Q1a firm’s objective to make a reasonable level of profit.Ethical objectivesSales revenue maximisationSales maximisationSatisficing45s
- Q2MC = MRProfit marginLoss on each successive unitProfit max outputprofit45s
- Q3large abnormal profit may attract new entrants into the industryFALSETRUE45s
- Q4When MR = 0. At this point total revenue or sales is maximised.FALSETRUE45s
- Q5a firm’s objective to maximise turnover.Sales maximisationSales revenue maximisation:45s
- Q6A firm making the minimum level of normal profit is said to be producing at the break-even outputFALSETRUE45s
- Q7If the firm produces up to the point where the cost of making the last unit is just covered by the revenue from selling it, then the profit margin will have fallen to zero and total profits will be at their greatest.FALSETRUE45s