Once Lower Order Needs Are Satisfied,it Is Difficult to Predict

question 32

True/False

Once lower order needs are satisfied,it is difficult to predict which higher order needs will motivate behaviour.

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Definitions:

Break-Even Point

The point at which total costs and total revenues are equal, meaning a business is not making a profit but also not incurring a loss.

Short Run

A period in which at least one factor of production is fixed, limiting the immediate capacity to adjust to changes in demand.

Long Run

A time frame where every production factor and cost can change, providing complete flexibility to adapt to new situations.

Short-Run Supply

The supply of goods that exists when producers are able to change the quantity of the good produced in response to changing prices, typically within a limited time frame.