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GTE modified its telephone operations by creating "customer care centers." The purpose of this change was to identify and abandon outdated rules and fundamental assumptions and act as if it were creating a new company more in tune with the needs of today's customers.GTE was using which business concept?
Economic Costs
The total value of all resources used in the production of a good or service, including both explicit and implicit costs.
Normal Rate
A term often used to refer to the standard or commonly accepted rate for a financial or economic measurement, but can vary by context.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or investment.
Economic Profits
Profits exceeding the opportunity costs of all resources employed, reflecting a return beyond the normal profit level.
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