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Suppose the estimated fixed cost of Christmas trees business is $7,000 and not sunk.The estimated variable cost for each tree is $20.According to the forecast,the market price for Christmas trees is $25 each and the owner could sell 1000 trees at most each year.In the long run,the owner
Bureaucracy
A system of management and administration characterized by hierarchical structure, defined roles and responsibilities, and a set of formal rules and procedures.
Rational Place
Refers to an environment or context in which decisions are made based on logical reasoning and empirical evidence.
Moral Place
A conceptual space or position that is accorded moral significance and ethical consideration within a society or community.
Social Facts
Durkheim's concept for societal norms, values, structures, and institutions that exert social control and influence individual behavior.
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