Which of the Following Statements Is MOST Likely to Be

question 38

Multiple Choice

Which of the following statements is MOST likely to be associated with a low volume production?

• A) high capital- intensity and automation
• B) high resource flexibility
• C) less customer involvement
• D) line or continuous process

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Definitions:

Demand

The desire for a particular product or service coupled with the ability and willingness to pay for it.

Perfectly Elastic

A situation in economics where the quantity demanded or supplied responds infinitely or vastly to any change in price.

Elasticity Measures

These are metrics used in economics to assess how the quantity demanded or supplied of a good changes in response to changes in price or other factors.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater than one indicating a high responsiveness.