Ethnocentrism Can Be Functional

question 96

True/False

Ethnocentrism can be functional.

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Definitions:

Short-Run Profits

Earnings that a company makes over a short period of time, not taking into consideration the full costs of production in the long term.

Profit-Maximizing

A strategy or process by which a business aims to achieve the highest possible profits from its operations.

Market Price

The contemporary pricing at which a commodity or service is offered for exchange in the open market.

Economic Profits

The surplus remaining after deducting both explicit and implicit costs from total revenues, often indicating the profitability beyond normal returns.