Production Systems with Customized Outputs Typically Have Relatively

question 22

Multiple Choice

Production systems with customized outputs typically have relatively

• A)high volumes of output.
• B)low unit costs.
• C)high amounts of specialized equipment.
• D)fast work movement.
• E)skilled workers.

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Definitions:

Foreign Competition

refers to the competitive pressure that domestic companies face from companies located in other countries.

Elastic Demand

A situation where the quantity demanded of a product changes significantly in response to changes in its price.

Competitive Levels

The degrees of competition within a market, characterized by the number of firms, product differentiation, and market entry or exit barriers.

Nonunion Firms

Companies where the workforce is not represented by a labor union, which may affect wage levels, benefits, and working conditions.