Irrespective of Whether a Firm Produces or Shuts Down in the Short

question 140

Multiple Choice

Irrespective of whether a firm produces or shuts down in the short run,fixed cost is equal to its _____

• A)average variable cost.
• B)total cost.
• C)sunk cost.
• D)total revenue.
• E)marginal cost.

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Definitions:

Policies and Rules

Established guidelines and procedures set by organizations or institutions to dictate acceptable behavior and actions, ensuring orderly function and compliance with standards.

Fairly Applied

A principle ensuring policies, rules, and decisions are implemented in a just, equitable, and unbiased manner.

Commutative Justice

A form of justice that refers to the fairness in agreements and exchanges between individuals or groups, ensuring what is exchanged is of equal value.

Newer Models

Updated or more recent versions of products, systems, or theories that aim to improve upon or replace older versions.