Question

1.____
are protected from competition the modern firm?
a.Brand loyalties
b.Product differentiation
c.A and B
d.Maximizing output
​

Answer 1

Answer:

a and b..............

Answer 2

Maximizing output is protected from competition in the modern firm.

• The modern business is shielded from competition by optimising efficiency.
• The general rule to be verified is that by generating the amount of production where marginal income is matched with marginal cost, the industry maximises profit.
• Though, a firm always seeks to maximise profit, their output is generally protected when in competition.