Examlex
Time standards derived from a firm's historical time study data are known as:
Standardization
The process of implementing and developing technical standards based on the consensus of different parties including firms, users, interest groups, standards organizations, and governments.
Cost Economies
Refers to the reduction in average cost of production as a firm increases its size or volume of output, typically achieved through operational efficiencies.
Product Variety
The assortment or mix of different products that a company offers to its customers.
Homogeneous Preferences
A situation in market analysis where consumers have similar tastes and preferences for goods or services.
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