Several Things Have Led to the Rapid Rate at Which

question 50

Short Answer

Several things have led to the rapid rate at which new products are developed.They are faster and more economical transportation,the advent of electronic communication,and _____ _____.

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Definitions:

Shut Down

A temporary choice made by a company to halt manufacturing because of unsuitable market circumstances.

Shutdown Point

The level of production and price at which the revenue of a firm covers its variable costs, below which the firm would cease operations.

Optimal Output

The level of production at which a firm achieves the highest possible profit, given its cost structure and the market price.

Short-Run

A period in which at least one factor of production is fixed, and firms can only adjust variable inputs.