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What is the key difference between the short-run and long-run in terms of elasticity of supply?
Total Quality Management
A comprehensive management approach focusing on continuous improvement in all functions of an organization to achieve high-quality products and services.
Internal Customers
Employees or departments within an organization that rely on the support of another individual or department to fulfill their job duties.
Continuous Improvement
An ongoing effort to improve products, services, or processes for increasing efficiency and effectiveness.
Target Cost
The desired cost to produce a product, determined by subtracting a desired profit margin from a competitive market price.
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