In Economics, the Main Objective of a Firm Is to Maximize

question 86

True/False

In economics, the main objective of a firm is to maximize customer satisfaction.

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Definitions:

Leaders

Individuals who guide or influence a group towards achieving goals through inspiration and direction.

Sales Incentive Program

A structured plan designed to motivate and reward sales staff for meeting or exceeding sales targets through various rewards such as bonuses, prizes, or commissions.

Straight Commission

A compensation structure where employees are paid solely based on the sales they generate, with no fixed salary.

Free Rider Effect

A phenomenon where some individuals benefit from resources or services without contributing to the cost, often seen in team or group settings.