Log in
Economics
1
answer
0
watching
188
views

The primary objective of a cartel is to:

A. maximize the amount of profit received by each member of the organization.

B. ensure each member of the organization some minimum amount of profit.

C. maximize the joint profits of the members of the organization.

D. maximize the average profits of the members of the organization.

Watch
1
answer
0
watching
188
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

You may be aware that there are three types of profit: accounting profit, economic profit, and normal profit. The difference between the total revenue and the sum of the explicit and implicit costs of an organization results in economic profit. It is commonly assumed that every firm's goal is to maximize its profit, and the economic theory of business is built on this underlying assumption. Address the following in detail: Describe the economic principles that company executives should consider when developing a strategy or strategies that will maximize profits while minimizing incentives for competitors to develop competing products. Explain why each of these economic principles is important to the company's strategy. Recommend and justify a strategy that you believe will maximize profits while minimizing incentives for increased competition.

You may be aware that there are three types of profit: accounting profit, economic profit, and normal profit. The difference between the total revenue and the sum of the explicit and implicit costs of an organization results in economic profit. It is commonly assumed that every firm's goal is to maximize its profit, and the economic theory of business is built on this underlying assumption. Address the following in detail: Describe the economic principles that company executives should consider when developing a strategy or strategies that will maximize profits while minimizing incentives for competitors to develop competing products. Explain why each of these economic principles is important to the company's strategy. Recommend and justify a strategy that you believe will maximize profits while minimizing incentives for increased competition.

23) The theory of the firm is based on the following two key assumptions: A) Firms seek to become as large as possible, and they seek to maximize total revenue. B) Each firm has a highly diversified product line, and this necessarily leads to profit maximization. C) Firms seek to maximize profit, and to distribute the maximum value fairly. D) Firms seek to maximize profits, and the firm is a single, consistent decision-making unit. E) Firms seek to maximize revenues, and to maximize undistributed profits.

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in