Producers try to make _______ profit out of producing their goods keeping their costs as _____ as possible and selling at a price as _______ as they could get in the markets.
Which of the following options suits best in the above blanks?
Answer & explanation
Correct answer: option 1
The correct answer is option 1: Maximum, low, high
Producers try to make maximum profit out of producing their goods keeping their costs as low as possible and selling at a price as high as they could get in the markets.
Here's the breakdown:
- Producers try to make maximum profit out of producing their goods.
- They do this by keeping their costs as low as possible.
- They achieve this by selling at a price as high as they could get in the markets.