Business, 11.03.2022 02:40, joshuahinton45
Identify the conclusion in each of the arguments.
Profit serves a very crucial function in a free enterprise economy, such as our own. High profits are the signal that consumers want more of the output of the industry. High profits provide the incentive for firms to expand output and for more firms to enter the industry in the long run. For a firm of above-average efficiency, profits represent the reward for greater efficiency.
i. For a firm of above-average efficiency, profits represent the reward for greater efficiency.
ii. Profit serves a very crucial function in a free enterprise economy, such as our own.
iii. High profits are the signal that consumers want more of the output of the industry.
iv. High profits provide the incentive for firms to expand output and for more firms to enter the industry in the long run.
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Identify the conclusion in each of the arguments.
Profit serves a very crucial function in a free...
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