A Contingency Plan Is a Backup for Some Emergency or Unplanned

question 73

True/False

A contingency plan is a backup for some emergency or unplanned event.

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Definitions:

Maximum Profit

The highest possible financial gain a business can achieve from its operations, after all costs and expenses have been deducted.

Efficient Scale

The level of production at which a company can produce its goods or services at the lowest average cost per unit, achieving economies of scale.

Efficient Scale

The level of production that minimizes the average total cost of producing a good or service.

Positive Profit

Earnings that exceed the total costs and expenses associated with producing or providing a service or product.