Refers to Using Technology to Quickly and Cost Effectively Assemble

question 10

Multiple Choice

refers to using technology to quickly and cost effectively assemble goods that are uniquely designed to fit the demands of individual customers.

• A) Mediating technology
• B) Joint optimization
• C) Service technology
• D) Technical complexity
• E) Mass customization

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Definitions:

Average Total Cost

The total cost of production divided by the quantity of output produced, representing the average cost per unit of output.

MC = MR

Stands for the economic principle where Marginal Cost (MC) equals Marginal Revenue (MR), a condition for profit maximization in firms, indicating the optimal level of production.

Profit-maximizing Level

The point at which a firm achieves the highest possible profit, balancing the cost of production against revenue from sales.

Perfectly Competitive

A perfectly competitive market is an economic concept where numerous small firms compete against each other with homogenous products, and no single firm can influence the market price.