Why have some economists criticized the traditional theory that firms aim to maximize profits?

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Businesses are unaware of how to achieve maximum profit.Companies pursue objectives other than profit maximization.The theory fails to account for monopolistic competition.Both the first and second reasons mentioned.

Explanation

The traditional profit-maximizing theory faces criticism because some economists argue that firms might not fully understand how to maximize profits and that they often have goals beyond just profit maximization. Therefore, both reasons A and B contribute to the critique.