Why Is the Need to Belong Considered a Need and Not

question 105

Essay

Why is the need to belong considered a need and not a want?

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Definitions:

Short-run Market Supply

The total quantity of goods or services that producers are willing and able to sell at a given price in the market over a short period.

MC Curves

A graphical representation of how the marginal cost of producing one additional unit of a good varies with the quantity produced.

Increasing Cost Industry

An industry where production costs increase as output expands, typically due to factors like resource depletion or increased expenses for inputs.

Long Run

The long run is a period in economic theory during which all factors of production and costs are variable, allowing firms to adjust all inputs to attain desired output levels.