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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

What is the overall economic function of profits?

To determine

Identify the overall economic function of profits.

Explanation

If a product is profitable, then the resources that are used to produce the product will increase. Otherwise, if the firm faces a negative profit, then the resources are used to produce that particular product has a tendency to go out of the production process. Hence, the profits are directly linked to the resources...

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