Margot Finally Finished Her Ph

question 255

Multiple Choice

Margot finally finished her Ph.D. program. Although she has a great and secure teaching job at an urban college, she does not hold a faculty position at a prestigious university. It is obvious to her colleagues that Margot is unsatisfied with her position at work. She constantly gives coworkers subtle reminders of her superior academic credentials and only participates in work activities where she will assume a leadership role. Looking at Margot's situation using Maslow's hierarchy of needs, which of the following needs are unmet?

• A) self-actualization
• B) esteem
• C) social
• D) physiological

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Definitions:

Price Takers

Market participants who accept prevailing prices because they have no power to influence the market price due to their small market share.

Perfect Competition

A market structure characterized by a large number of small firms, homogeneous products, free entry and exit, and perfect information, leading to firms being price takers.

Diminishing Marginal Returns

A principle stating that as more of a variable input is added to a fixed input, the additional output from each new unit of input will eventually decrease.

Profit-Maximizing Output

The level of production at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.