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In the "Check" Step of the PDCA Cycle,it Is Important

question 44

True/False

In the "Check" step of the PDCA Cycle,it is important to see if changes made result in lasting and measurable improvements.


Definitions:

Equilibrium Price

The cost at which the demand for a product or service matches the supply, leading to equilibrium in the market.

Marginal Cost Curve

depicts how the cost of producing an additional unit of output changes as the level of production is varied, typically rising after a certain point due to inefficiencies.

Profit Maximizing

A strategy or behavior in businesses aimed at achieving the highest possible profit under given constraints.

Short-Run Equilibrium

The condition in which market supply equals market demand within a short time frame, establishing a temporary market price.

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