B. correct the incorrect statements:
Q. The colonial rulers aimed at maximization of profits and welfare of the people.
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The colonial rulers aimed at maximization of profits and welfare of the people.
In economics, profit maximization is the short run or long run process by which a firm may determine the price, input, and output levels that lead to the highest profit. Neoclassical economics, currently the mainstream approach to microeconomics, usually models the firm as maximizing profit.
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