Final answer:
The term 'loss' does not solely indicate physical damage to equipment and can describe various types of deficits. Factory damage results in an increased cost of production, shifting the supply curve to the left. Simple machines have efficiencies less than 100 percent because of friction.
Step-by-step explanation:
The statement that the term "loss" indicates damage to equipment, regardless of whether it's used commonly in the vehicle or not is false. In a business context, loss can refer to many types of deficits, including financial losses, which do not necessarily pertain to physical damage. When relating to equipment, loss can describe impairment or the decline in value of the asset, rather than physical damage. The term is more nuanced and can be applied to various scenarios beyond just damage.
Furthermore, referring to supply curve shifts, factory damage which impacts the ability of firms to supply as much in the present, is indeed technically an increase in the cost of production. This economic phenomenon will cause the supply curve to shift to the left, representing a decrease in supply at any given price.
Regarding the efficiency of a simple machine, it is true that its efficiency is always less than 100 percent. This is because some fraction of the input work is invariably converted to heat energy due to friction, which is a loss that prevents 100% efficiency.