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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

Why does profit exist?

To determine

Identify the reasons behind the existence of profit.  

Explanation

There are several theories addressing the question “why does the profit exists in an economy”. Some of them are listed below:

  • Profit and uncertainty: This theory stated that profit exists because of the presence of uncertainty in an economy. If there is no uncertainty, then there will be no profit. This means that in an uncertain situation, a decision can lead to more than one possible outcome. Therefore, the unexpected changes create victors and losers...

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