Examlex
In the history of operations management the use and development of the set of activities referred to as business process reengineering occurred in what decade?
Long-Run Equilibrium
A state in which all factors of production and outputs in an economy are fully adjusted to any changes in demand and supply, resulting in economic stability.
Perfect Competition
A market structure characterized by many buyers and sellers, identical products, and no barriers to entry or exit.
Zero Economic Profits
A situation in perfect competition where firms earn just enough revenue to cover all their costs, including opportunity costs, indicating no supernormal profit above the normal rate of return.
Long-Run Equilibriums
A state in which all factors of production and market forces are balanced and economic variables are not expected to change.
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