-In the above figure, the firm will shut down if price falls below
Definitions:
Rationalization
A defense mechanism in which controversial behaviors or feelings are justified and explained in a seemingly rational or logical manner to avoid the true explanation.
Corporation
A corporation is a legal entity that is separate from its owners, providing them with limited liability. It is capable of owning assets, borrowing money, and being sued or suing.
Conflict
A struggle or contest between people with opposing needs, ideas, beliefs, values, or goals.
Mediate
To intervene in a dispute in order to resolve it or bring about a settlement.
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