For a Profit-Maximizing Monopolistically Competitive Firm, Price Exceeds Marginal Cost

question 339

Multiple Choice

For a profit-maximizing monopolistically competitive firm, price exceeds marginal cost in

• A)the short run but not in the long run.
• B)the long run but not in the short run.
• C)both the short run and the long run.
• D)neither the short run nor the long run.

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Definitions:

McClelland's

Refers to David McClelland's theory of needs, which identifies three primary motivational drivers: the need for achievement, the need for affiliation, and the need for power.

Short-Term Goals

Objectives set to be achieved in a brief period, guiding immediate actions and strategies.

Long-Term Goals

Objectives or targets that are planned to be achieved over an extended period, focusing on future aspirations and strategic outcomes.

Frequent Feedback

The process of giving regular, prompt responses or assessments regarding performance, behavior, or learning, aimed at improvement and development.