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In a free-market system, the profit motive motivates producers to do which of the following?

  • Question 15b of 25 - Profit and the profit motive

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: In a free-market system, the profit motive motivates producers to do which of the following?
  • Answers:
  1. Minimize costs and maximize revenues.
  2. Establish monopolistic competition.
  3. Specialize in providing a single good or service.
  4. Produce as many different goods and services as they can.

The correct answer is: Minimize costs and maximize revenues. Profit is the difference between costs and revenue, so reducing costs and increasing revenues leads to greater profit

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