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Susan, a 5-year-old, thinks of justice and rules as unchangeable properties of the world, removed from the control of people. In the context of Jean Piaget's theory of moral development, Susan is most likely in the stage of moral reasoning known as
Continue to Produce
The decision by a business to maintain production activities, often evaluated in the context of profitability and market demand.
MR = MC
The economic principle where marginal revenue equals marginal cost; it is optimal for firms pursuing profit maximization.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, and firms make normal profits in a competitive market.
P = ATC
A condition where price equals average total cost, indicating that firms are covering all their costs but not making economic profit.
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