When Setting Sales Prices in the Long Run,the Sales Price

question 116

True/False

When setting sales prices in the long run,the sales price must cover the full cost-including fixed costs.

---

Definitions:

Maslow's Hierarchy

A theory of psychological motivation based on a hierarchy of needs, from basic survival needs to self-actualization.

Lower-Order Physiological Needs

Basic human necessities such as food, water, shelter, and sleep that are essential for survival.

Adequate Compensation

Refers to fair and sufficient payment or remuneration provided to employees for their work, balancing their contributions with their earnings.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, structured as a hierarchical pyramid with physiological needs at the base, ascending to self-actualization at the top.