Combining Parts or Products with Similar Characteristics into Families and Setting

question 98

Multiple Choice

Combining parts or products with similar characteristics into families and setting machines aside for their production is known as:

• A) the one-worker, multiple machines (OWMM) method of production.
• B) the standardized component method of manufacturing.
• C) group technology.
• D) the flexible workforce approach to manufacturing.

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Definitions:

Marginal Revenue

The additional income received from selling one more unit of a good or service, crucial for decision-making in production levels.

Weekly World News

A largely fictional news tabloid known for its outlandish cover stories, often involving supernatural or bizarre events.

Local Grocery Store

A retail store that primarily sells food, including fresh produce, meats, dairy, and other groceries, catering to the local community's needs.

Price Elasticity

A measure of how the quantity demanded of a good responds to a change in the price of that good.