________ Are Basic Human Requirements,while ________ Are Wants for Specific

question 5

Multiple Choice

________ are basic human requirements,while ________ are wants for specific products backed by an ability to pay.

• A)Wants;needs
• B)Demands;wants
• C)Needs;wants
• D)Needs;demands
• E)Demands;needs

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Definitions:

Shut Down

A short-term decision by a firm to cease operations and production when the market price is below its variable costs, to minimize losses.

Economic Loss

A situation where total costs exceed total revenues, leading to a negative economic profit.

AVC

Average Variable Cost, an economic metric reflecting the variable costs (such as labor and materials) per unit of output.

ATC

Average Total Cost, which is the sum of all production costs divided by the quantity of output produced, a critical factor in economic analysis of a company's efficiency.