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In which market structure will a firm choose not to shut down when price is less than average variable cost?
Buffer Solution
A solution that resists changes in pH upon the addition of small amounts of acid or base, typically made from a weak acid and its conjugate base.
Acid
A substance that can donate a hydrogen ion (H+) and usually has a sour taste.
Base
A substance that can accept hydrogen ions (protons) or more generally, donate a pair of valence electrons.
Saponification Reaction
A chemical reaction in which fats or oils react with an alkali to produce soap and glycerol.
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