Multiple Choice
Which of the following statements is TRUE regarding profit maximization in competitive markets?
I. When all firms pursue profits, none of them achieve profits.
II. When all firms pursue profits, only the most innovative will achieve profits.
III. Production is divided in such a way that total costs of production are minimized.
A) I only
B) II only
C) I and III only
D) II and III only
Correct Answer:
Verified
Correct Answer:
Verified
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