What does it mean when companies satisfice in their decision-making?

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Managers must receive sufficient compensation to prevent them from quitting.Goals like profit are not pursued to their fullest extent.Profits are maximized in the short term.Profits are optimized over the long term.

Explanation

Satisficing implies that firms settle for satisfactory results rather than maximizing objectives such as profit. This means they do not aim to achieve the highest possible profit but accept a satisfactory level instead.