A Firm Will Shut Down in the Short Run If

question 424

Multiple Choice

A firm will shut down in the short run if the total revenue that it would get from producing and selling its output is less than its

• A)opportunity costs.
• B)fixed costs.
• C)variable costs.
• D)total costs.

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Definitions:

Alcatraz Island

An island located in San Francisco Bay, historically used as a military fortification, a military prison, and a federal prison until 1963, later becoming the site of Native American activism.

Indian Education

Pertains to the education system and policies in India, or alternatively, the educational approaches and schools focused on Native American histories, cultures, and values in the United States.

Republican

A member or supporter of the Republican Party, one of the two major political parties in the United States, traditionally emphasizing limited government and free-market principles.

Racial-ethnic Groups

Communities of people who share common ancestry, cultural traditions, language, or racial characteristics.