The Term "Fordism

question 97

Multiple Choice

The term "Fordism"

• A) refers to Henry Ford's invention of the automobile.
• B) was used by labor unions, who hailed Ford's innovative approach.
• C) describes an economic system based on limited production of high-end goods.
• D) refers to Henry Ford's effort to organize workers into a union.
• E) describes an economic system based on mass production and mass consumption.

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Definitions:

Profit-Maximizing

A strategy where businesses seek to achieve the highest possible profit from their operations, typically by adjusting output, pricing, and other variables.

Average Revenue

The amount of income generated per unit of sale, calculated by dividing total revenue by the quantity of goods sold.

Marginal Revenue

The additional income obtained from selling one more unit of a product or service.

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is unachievable.