A Catfish Farmer Will Shut Down Production When

question 91

Multiple Choice

A catfish farmer will shut down production when

• A)He is losing money.
• B)Price falls below AVC.
• C)Total revenue falls below total costs.
• D)The best he can do is break even.

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Definitions:

Survival Clause

A contract provision that stipulates which parts of the agreement remain in effect after the contract has ended.

Wrongfully Abandons

Occurs when a party unlawfully leaves or forsakes their responsibility or property without justification.

Lease

A contractual agreement where one party, the lessor, grants the other party, the lessee, the right to use a property, asset, or service for a specified period in exchange for periodic payments.

Contingent Remainder

A future interest in property that becomes possessory when a specified condition is met, and one or more life estates have ended.