Examlex
Discuss the concept of total quality management.
Short Run
In economics, a timeframe during which the production process has limitations due to fixed resources, leading to constraints on firm adjustments and outputs.
Long Run
The long run is a period in economics during which all factors of production and outputs are variable and can be adjusted, contrary to the fixed factors present in the short run.
Marginal Cost Curve
A visual display illustrating the variation in the expense of manufacturing an extra item of a product as the quantity produced alters.
Peak Efficiency
The state of operation where a system or process achieves its maximum productivity with minimal waste and effort.
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