Throughout Its Life, an Activity Can Be in One of Several

question 22

Multiple Choice

Throughout its life, an Activity can be in one of several states—active (i.e., running) , or stopped.

• A) halted
• B) paused
• C) ceased
• D) discontinued

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Definitions:

Normal Profit

The minimum level of earnings needed for a company to remain in business, often considered as the company's opportunity cost.

Break Even

The juncture where the aggregate of all costs matches the total income, leading to neither a profit nor a loss.

Short Run

A period of time during which at least one of a firm's inputs is fixed.

Long Run

A period in which all factors of production and costs are variable, allowing firms to adjust all inputs and achieve optimal operation.