Firms have a variety of other possible objectives
Not every firm chases maximum profit. Firms can instead pursue goals like growing as large as possible, maximising sales revenue, or acting ethically.
Real World
John Lewis Partnership is owned by its employees and explicitly pursues worker welfare alongside profit, demonstrating that legal structure shapes a firm's objectives beyond shareholder returns.
Exam Focus
Name the specific objective and its theorist (e.g. Baumol — revenue maximisation) to access top-band evaluation marks.
Price Elasticity of Demand
PED = % change in quantity demanded ÷ % change in price
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