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Contrast the functionalist and conflict theories of social stratification,and discuss the criticism of each theory.
Long Run
A period in which all factors of production and costs are variable, allowing full adjustment to any change.
Shut Down
In economics, a short-run decision not to produce anything during a specific period because of current market conditions.
Short Run
A period in which at least one factor of production is fixed, and firms can adjust only to a limited set of variables.
TR < TVC
This expression denotes a situation where Total Revenue (TR) is less than Total Variable Costs (TVC), indicating a loss-making scenario for the business.
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