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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

Profit serves as both an incentive and a signal. Explain.

To determine

Explain the relevance of profit.

Explanation

Profit serves as both an incentive and a signal. An incentive is something (reward) that encourages a person to act. Thus, profit encourages the workers to work hard and generate more profit and also help to understand how they respond to the current profit level...

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