Economics · Firm Objectives & Satisficing Behaviour
In the graphical representation of microeconomic firm objectives, which of the following statements accurately describes the representation of the 'Satisficing' objective?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1It is represented as the entire area under the MR curve that lies above the Average Cost (AC) curve.
- 2It is shown as a shaded area horizontally bounded by price levels Pr and Ps, indicating a range of satisfactory outcomes.✓
- 3It is depicted as the vertical distance between the AR curve and the AC curve at a single output level.
- 4It is represented as a single equilibrium point where the MC curve intersects the downward-sloping MR curve.
Correct answer
It is shown as a shaded area horizontally bounded by price levels Pr and Ps, indicating a range of satisfactory outcomes.
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Preparing for Economics?
Practice full-length Economics mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Firm Objectives & Satisficing Behaviour MCQs →Want more practice questions on Firm Objectives & Satisficing Behaviour?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Economics · Firm Objectives & Satisficing Behaviour