Consider a perfectly competitive firm in the short run. assume that it is sustaining economic losses but continues to produce. at the profit-maximizing (loss-minimizing) output, all of these statements are true except:
a. marginal cost is less than average total cost
b. marginal cost is less than average variable cost
c. price is equal to marginal cost
d. marginal cost is equal to marginal revenue

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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