Most firms have no trouble estimating the demand and cost functions for their products.

Question

Quizplus · Accepted Answer

While it is true that many firms are able to accurately estimate their demand and cost functions, it is not accurate to say that "most" firms have no trouble with this task. In fact, accurately estimating demand and cost functions is often a complex and challenging process that requires extensive research and analysis, as well as a deep understanding of the market and consumer behavior. Additionally, changes in market conditions and consumer preferences can quickly render previously accurate demand and cost estimates obsolete, further complicating the task.

Most Firms Have No Trouble Estimating the Demand and Cost