If There Is a Permanent Increase in Demand for the Product

question 91

Multiple Choice

If there is a permanent increase in demand for the product of a perfectly competitive industry, the process of transition to a new long-run equilibrium will include:

• A) the entry of new firms.
• B) temporarily higher profits.
• C) both a and b.
• D) neither a nor b.

Understand the basic principles and levels of Maslow's hierarchy of needs.

Identify different types of needs such as physiological, security, affiliation, esteem, and self-actualization.

Recognize the application of Maslow's hierarchy of needs in organizational settings and employee motivation.

Understand the motivational challenges managers face and the strategies they can use.

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Definitions:

Center

The point that is equally distant from all points on the circumference of a circle or the surface of a sphere; in geometry, it's the midpoint of any shape or object.

Balancing Point

The point at which an object is in perfect equilibrium under the influence of gravity and does not tip or rotate.

Lever

A rigid bar resting on a pivot point (fulcrum), used to transmit force and movement, exemplifying the principle of mechanical advantage.

Abbreviation

A shortened form of a word or phrase used to save space or provide clarity.