Profit Maximization Always Implies That Total Revenue Must Exceed Total

question 8

True/False

Profit maximization always implies that total revenue must exceed total costs.

---

Definitions:

Abraham Maslow

An American psychologist known for creating Maslow's hierarchy of needs, a theory in psychology proposing that certain fundamental needs must be satisfied before higher needs can be pursued.

Drive Theories

Theories in psychology that explain motivation as being driven by biological needs that demand satisfaction.

Approach Theories

A set of theories in psychology that focus on the motivations driving individuals towards certain behaviors or goals.

Empirical Evidence

Information acquired by observation or experimentation that is used to confirm or disprove a hypothesis or theory.