Examlex
TQM philosophy focuses on seven basic concepts. What are they?
Short Run
A time period in economics during which at least one input, such as plant size, is fixed and cannot be altered.
Profit Maximization
The procedure through which a business identifies the pricing and production volume that yields the highest earnings.
Market Price
The price at which a good or service is offered in the marketplace.
Profit Maximization
A rephrased definition: The strategy or aim of a firm to achieve the highest profit possible, usually by adjusting outputs, prices, or production costs.
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