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The short-run equilibrium of the firm under monopolistic competition has excess capacity.
Frederick Taylor
Known as the father of scientific management, he focused on improving industrial efficiency.
20th Century
refers to the period from 1901 to 2000, noted for significant social, political, and technological changes worldwide.
Maslow's Hierarchy
A theory in psychology proposed by Abraham Maslow outlining a hierarchy of human needs, from basic physiological needs to self-actualization.
Abraham Maslow
An American psychologist known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs.
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