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WAEC Economics 2011 Question 23

Question 23

Business Organisations

A firm's main aim is to

  1. A.survive in business.
  2. B.maximize profits.
  3. C.increase its market share.
  4. D.satisfy the ambitions of its managers.
Show the answer and explanation

Answer: B (maximize profits.)

Explanation

Economic theory assumes the main aim of a firm is profit maximisation.