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Under what conditions would a firm choose to shut down? When would it decide to exit the market?
Advance in Technology
Advance in technology refers to the progressive development and innovation in technology that leads to more efficient processes, products, and services.
Human Capital
The economic value of an individual's skills, knowledge, and experience, considered in terms of the ability to perform labor to produce economic value.
Economic Cost
The total cost of choosing one action over another, including both explicit and implicit costs.
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