Globalization Is an Example of a ______

question 27

Multiple Choice

Globalization is an example of a ______.

• A) social structure
• B) social process
• C) social institution
• D) social environment

---

Definitions:

Maximizing Profits

The process of adjusting production and operational strategies to achieve the highest possible profit from business activities.

Shut-down Decision

The choice made by a firm about temporarily or permanently ceasing operations, often because operating costs exceed revenues at the current market price.

Short-run

A timeframe in economics during which at least one factor of production is fixed and cannot be changed.

MC

is an abbreviation for Marginal Cost, which represents the change in total cost that arises when the quantity produced is incremented by one unit.