All of the Following Are True Regarding Benchmarking EXCEPT

question 67

Multiple Choice

All of the following are true regarding benchmarking EXCEPT:

• A)that buy-in by employees is critical.
• B)benchmarking can save time and money by avoiding the mistakes made by others.
• C)that the purpose is to gather information regarding the best practices of others.
• D)benchmarking initiatives generally result in quick changes to the work environment.

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Definitions:

Perfectly Competitive

A perfectly competitive market is characterized by many buyers and sellers, homogenous products, and free entry and exit, leading to price determination by market forces.

Marginal Cost Curve

A graphical representation that shows how the cost of producing one more unit of a good changes as the quantity produced increases.

Short-run Supply Curve

A graphical depiction that showcases how much of a product suppliers are willing and able to sell at different prices in the short run, with at least one input fixed.

Perfectly Competitive Industry

An industry characterized by many small firms producing identical products, with free entry and exit, and perfect information, leading to prices being determined by the market.