Examlex
Identify five of the components of a lean production system.
Average Total Cost
The total cost of production divided by the quantity of output produced, representing the average cost per unit of output.
MC = MR
Stands for the economic principle where Marginal Cost (MC) equals Marginal Revenue (MR), a condition for profit maximization in firms, indicating the optimal level of production.
Profit-maximizing Level
The point at which a firm achieves the highest possible profit, balancing the cost of production against revenue from sales.
Perfectly Competitive
A perfectly competitive market is an economic concept where numerous small firms compete against each other with homogenous products, and no single firm can influence the market price.
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