Benchmarking Typically Involves a Subjective Comparison of Firm's Resources and Capabilities

question 63

True/False

Benchmarking typically involves a subjective comparison of firm's resources and capabilities with those of competitors.

Distinguish between short-run and long-run production and cost functions.

Evaluate the effect of input price changes on firms' cost curves and competitive position.

Understand the relevance of opportunity cost in economic decision-making.

Analyze the implications of additive manufacturing (3-D printing) on manufacturing economics and scale.

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Definitions:

Surplus

An excess of something, often used in economic contexts to describe a situation in which supply exceeds demand.

Shortage

A situation where the demand for a product exceeds its supply at the current price, leading to a scarcity of the product in the market.

Supply Shift

A change in the quantity of a product or service that producers are willing and able to sell at all possible prices in the market.

Increase

A rise in quantity, value, or some other measure, indicating growth or gain in specifics.