If firms "satisfice" this means that a. objectives such as profit are not maximized. b. managers need to be paid enough to stop them leaving the company. c. short-run profits are maximized. d. long-run profits are maximized.

If firms "satisfice" this means that a. objectives such as profit are not maximized. b. managers need to be paid enough to stop them leaving the company. c. short-run profits are maximized. d. long-run profits are maximized.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section12.1: What Are Costs?

Problem 1QQ

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Question

If firms "satisfice" this means that

a. objectives such as profit are not maximized.

b. managers need to be paid enough to stop them leaving the company.

c. short-run profits are maximized.

d. long-run profits are maximized.

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