The Labour Time Requirements for Standards May Be Determined by the

question 85

Multiple Choice

The labour time requirements for standards may be determined by the

• A)sales manager.
• B)product manager.
• C)industrial engineers.
• D)payroll department manager.

---

Definitions:

Short Run

A period in which at least one of a firm's inputs is fixed and cannot be changed.

Monopolistically Competitive

A market structure with many firms selling products that are substitutes but differentiated enough that each firm's product has its own demand.

Fixed Costs

Costs that do not vary with the level of output or business activity, such as rent, salaries, and loan payments.

Short Run

A period in economics during which at least one input is fixed, limiting the immediate capacity to adjust production levels.