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According to David McClelland, describe the four power-oriented characteristics of managers who use power successfully.
Total Profit
The total income of a business after all expenses and costs are subtracted from the total revenue.
MC = MR
A condition where a firm's marginal cost (MC) of producing an additional unit is equal to the marginal revenue (MR) gained from selling that unit, used to determine profit maximization.
Perfect Competitor
An idealized market scenario where numerous buyers and sellers interact, leading to the best products at the lowest prices due to competition.
Monopolist
An individual or company that is the sole supplier of a particular good or service, allowing them to control the market price.
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