Answer the following questions with. respect to a firm's operation: a) Why is maximizing profits the
Question: Answer the following questions with. respect to a firm's operation:
a) Why is maximizing profits the primary objective of a firm? What would happen to a firm that did not pursue this goal?
b) Define opportunity cost and how does it differ from accounting cost?
c) Name 3 constraints that firms face in perfect competition and discuss their impact on the firm's profit.
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Solution: The answer consists of 1 page
Deliverable: Word Document![](/images/msword.png)
Deliverable: Word Document
![](/images/msword.png)