-Refer to This Diagram for a Perfectly Competitive Producer

question 2

Multiple Choice

-Refer to this diagram for a perfectly competitive producer.If product price is P₃:

• A)the business will be maximizing its profits
• B)the business will realize a normal profit
• C)economic profits will be positive
• D)the business has reached its shutdown point
• E)the business will be making an economic profit

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Definitions:

Mass Customization

A strategy that enables businesses to produce goods and services to meet individual customer's needs with near mass production efficiency.

Critical Decisions

Vital choices or judgments that significantly impact an organization or individual's course of action and potential success.