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How are long-run costs different from short-run costs?
Manufacturing Cycle
The complete set of processes from the procurement of raw materials to the production of finished goods ready for sale.
Procurement Cycle
The complete process of sourcing, acquiring, and paying for goods and services a company needs for its operations.
Manufacturer
A person or company that makes goods for sale, often in a large-scale operation involving machinery.
Supplier
An entity that provides goods or services to another entity, typically within the context of a supply chain or production process.
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