Examlex
What is the difference between total quality management (TQM) and the Six Sigma process?
Elastic
A term used to describe a situation where the demand or supply of a good or service is sensitive to changes in price.
Inelastic
A characteristic of goods or services for which demand or supply does not significantly change in response to price changes.
Long Run
A period of time in which all factors of production and costs are variable, allowing for adjustment to changing market conditions.
Short Run
A time period in which at least one input is fixed, limiting the adjustments that a firm can make to its production.
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