Which Option Provides a Correct Match of Work Activity and the Nature

question 3

Multiple Choice

Which option provides a correct match of work activity and the nature of the underlying technology?

• A) Oil refineries -- continuous-process production
• B) Custom furniture restoration -- mass production
• C) Automobile assembly at General Motors -- small-batch production
• D) Steel mills -- small-batch production
• E) Bicycle manufacture-- mass production

---

Definitions:

Average Cost

The total cost of production divided by the number of units produced.

Monopolist

A monopolist refers to a single supplier in a market who has significant control over the market price of a product or service due to the lack of competition.

Marginal Revenue

The incremental revenue obtained from the sale of an additional unit of a product or service.

Natural Monopoly

A market situation where a single firm can supply a product or service at a lower cost than any potential competitor, often due to economies of scale.