Asked by
Garret Fischer
on Dec 11, 2024
Verified
The dynamic process of competition
A) is hindered by the self-interest of business decision makers.
B) puts the profit motive of sellers to work for buyers.
C) conflicts with the interest of consumers when businesses pursue profit rather than the public interest.
D) will permit business decision makers to earn long-run economic profit unless they are regulated by government.
Profit Motive
The driving force behind business activities focused on achieving financial gain.
Long-Run Economic Profit
The sustainable profit a firm earns over time, assuming entry and exit in the market are possible and adjustments have been made.
Self-Interest
An individual's personal gain or advantage, especially when pursued without regard for others.
- Discern the mutable traits of rivalry among businesses and its ramifications on consumer preferences and organizational approaches.
Verified Answer
AJ
Learning Objectives
- Discern the mutable traits of rivalry among businesses and its ramifications on consumer preferences and organizational approaches.