Describe the Process That Would Occur in the Long Run

question 144

Essay

Describe the process that would occur in the long run in a competitive industry if there were economic profits. Illustrate this with a diagram.

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Definitions:

Process Redesign

A method of improving business processes by analyzing and reengineering them for enhanced efficiency, effectiveness, and flexibility.

Dramatic Improvements

Significant positive changes or enhancements, often surpassing expectations.

Fundamental Rethinking

A profound reassessment of organizational processes and strategies to achieve dramatic improvements in performance.

Flexible Manufacturing System

An automated production system that can be quickly adapted to manufacture different products.