The Period of Time When a Firm Is Able to Change

question 108

Multiple Choice

The period of time when a firm is able to change all of inputs,or factors of production,is called the:

• A)economic term.
• B)short run.
• C)accounting term.
• D)long run.

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Definitions:

Strategic Sourcing Process

A methodical approach to procurement that focuses on developing supply chains for critical goods and services to reduce costs and improve quality.

Six Sigma

A set of techniques and tools for process improvement aimed at reducing defects and improving quality.

Lean Enterprise Management

An approach focusing on reducing waste within manufacturing systems while simultaneously maximizing productivity and creating value for the customer.