Final answer:
Unhappy customers typically result in less profit for a business due to negative impact on sales and reputation. Competing businesses that offer better value or lower prices can maximize their profits and employee income, reflecting the importance of customer satisfaction in business success.
Step-by-step explanation:
Unhappy customers can lead to less profit for a business. Poor customer satisfaction often results in fewer repeat purchases, negative word-of-mouth, and potentially damaging online reviews, all of which can decrease a company's revenue and profitability. On the contrary, competition that offers better or cheaper products can attract more customers. This leads to increased profitability for those companies and higher income for their employees. Overall, a strong customer satisfaction strategy contributes significantly to a business's success.
A price floor set above the equilibrium price does not shift demand or supply directly but rather creates an excess supply if the price is excessively high, leading to possible government intervention to buy up the surplus.