Which of the Following Statements Regarding Production Operations Is Accurate

question 153

Short Answer

Which of the following statements regarding production operations is accurate?
The first industrial revolution occurred in England in the 1800's and the second in China during the 1990's.
The factory is no longer the centrepiece for manufacturing.
The development of 3-D printing illustrates the third industrial revolution.
Production operations remain environmentally unfriendly.
All of these statements are true.

---

Definitions:

Demand Price

The highest price a consumer is willing to pay for a good or service.

Supply Price

The minimum price at which a seller is willing to sell a good or service, influenced by production costs and market conditions.

Medallion System

A regulatory system often applied to taxis, where a finite number of medallions or permits are issued, allowing the holder to operate a taxi.

Taxicab Rides

The service provided by a vehicle licensed to transport passengers in return for payment, usually determined by a meter.