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How is a typical forecasting process similar to the Plan-Do-Study-Act (PDSA) cycle? (See Chapter 5 for more information on PDSA)
Competitive
Relating to or characterized by rivalry among sellers in a market, aiming to increase sales, market share, and customer loyalty by offering better terms.
Maximum
The highest or greatest possible amount or degree of something.
Long-Run Equilibrium
A state in which all factors of production and inputs in a market are fully adjusted to any economic changes, showing no tendency for further adjustment.
Competitive Price-Searcher Market
A market in which the firms have a downward-sloping demand curve, and entry into and exit from the market are relatively easy.
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