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| short-run shutdown point definitions | |||
|---|---|---|---|
| # | Definition | Sets | |
| 1 | a firm's minimum average variable cost; if price drops below minimum average variable cost, the firm will minimize its losses by shutting down. | 1 set | |
| 2 | a firm's minimum average variable cost; if price drops below minimum average variable cost, the firm will minimize its losses by shutting down | 1 set | |