[Step-by-Step] Answer the following questions with. respect to a firm's operation: Why is maximizing profits the primary objective of a firm? What would

Question: Answer the following questions with. respect to a firm's operation:

Why is maximizing profits the primary objective of a firm? What would happen to a firm that did not pursue this goal?
Define opportunity cost and how does it differ from accounting cost?
Name 3 constraints that firms face in perfect competition and discuss their impact on the firm's profit.

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[Step-by-Step] Answer the following questions with. respect to a firm's operation: Why is maximizing profits the primary objective of a firm? What would

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