Why might it be difficult to refute a theory of long

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(Why might it be difficult to refute a theory of long-run profit maximisation?
(Box 8.3) 2. If a theory cannot in principle be refuted, is it a useful theory?
Draw a diagram with MC and MR curves. Mark the output (a) at which profits are maximised; (b) at which sales revenue is maximised . .
Chapter 8 Page 202 Since advertising increases a firm’s costs, will prices necessarily be lower with sales revenue maximisation than with profit maximisation?
204 Which of the three types of merger (horizontal, vertical and conglomerate) are most likely to lead to (a) reductions in average costs; (b) increased market power?
1. Which of the above theories overlap and in what way?
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