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What is reengineering? What are the principles for reengineering proposed by Michael Hammer?
Short Run
A period in which at least one input in the production process is fixed, limiting the ability of the firm to adjust production.
Competitive Firm
A business operating in a market where it has little to no influence over the price of its product or service due to competition.
Break-even Price
The price at which the total revenues of a business exactly cover its total costs, thus resulting in neither profit nor loss.
Marginal Revenue
The rise in income generated by selling an additional unit of a product or service.
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