What is profit maximisation?

Ch37 Differing objectives and pricing of firms

Flashcard
•
Social Studies
•
12th Grade
•
Hard
Chloe Zhang
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11 questions
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1.
FLASHCARD QUESTION
Front
Back
The traditional objective of firms, achieved when the difference between total revenue and total cost is greatest.
2.
FLASHCARD QUESTION
Front
What is the short-term objective of survival for firms?
Back
A situation where losses are minimised.
3.
FLASHCARD QUESTION
Front
What does profit satisficing mean?
Back
When a firm makes a reasonable or minimum level of profit to satisfy its shareholders or stakeholders.
4.
FLASHCARD QUESTION
Front
What is a sales maximisation objective?
Back
When the physical volume of products sold is maximised.
5.
FLASHCARD QUESTION
Front
What is a revenue maximisation objective?
Back
Where the firm aims to maximise its total revenue from sales.
6.
FLASHCARD QUESTION
Front
What is price discrimination?
Back
Practised by monopolists, it is when the same product is sold at different prices to different market segments without cost justification.
7.
FLASHCARD QUESTION
Front
What is limit pricing?
Back
When a firm sets a lower short-run price to deter new firms from entering a market.
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