Abstract
SUBSTANTIAL body of economic theory involves the hypothesis of A economic rationality (that is, the hypothesis which assumes that firms have knowledge of their production, cost, and return functions) and implies certain behavior relating to the profit-maximization conditions. The purpose of this paper is to make the hypothesis of profit-maximization directly testable from easily available data and to test it in relation to a group of 430 subsistence farms in an underdeveloped region of Greece.
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