Serendipitous Patterns Stimulate New Ideas and Theoretical Approaches for Continuing

question 23

True/False

Serendipitous patterns stimulate new ideas and theoretical approaches for continuing lines of research.

---

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.