In the Short Run, a Firm May Have Accounting Losses

question 198

True/False

In the short run, a firm may have accounting losses and remain in operation.

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Definitions:

Job Discrimination

What occurs when someone is denied a job or work assignment, or treated differently from other employees, for reasons that are not job relevant. Laws in Canada protect workers from discrimination on the grounds of race, national or ethnic origin, colour, religion, sex, age, mental or physical disability, pregnancy, marital status, and gender identity.

Consumer Surplus

The disparity between what consumers are prepared and capable of paying for a product or service and the actual amount they end up paying.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and what they actually receive, due to market prices.

Tax

A mandatory monetary payment or different kind of tax levied on taxpayers by government entities to support government expenses and various public services.