1.Fixed resources in the short run are

production facilities

workers

raw materials

energy resources

2.Variable resources in the short run include

storage facilities

capital equipment

production facilities

workers

3.Shutdown refers to

bankruptcy and going out of business

temporarily closing to retool a production facility

the dynamic contraction of an industry

temporarily closing to allow orders to build up and minimize losses

4.The loss associated with shutdown

is equal to the fixed costs

is equal to the total costs

is equal to the marginal costs

is equal to variable costs