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Which statement about the 'four Ps' of service design is CORRECT?
Long-run Average Total Cost
The average cost per unit of output when all inputs, including capital, can be varied, and economies of scale are accounted for.
Long-run Total Cost
The overall expenses incurred by a firm when all inputs are variable, reflecting costs over a time when firms can adjust all factors of production.
Long-run Average Total Cost
The per unit cost of production when all inputs, including both fixed and variable costs, are adjusted to their optimal levels over time.
Automobile Manufacturing
The industry and process involved in designing, producing, marketing, and selling motor vehicles.
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