For Which of the Following Goods Are Services Prices Least

question 180

Multiple Choice

For which of the following goods are services prices least sticky?

• A) newspapers
• B) haircuts
• C) microwave ovens
• D) airline tickets

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Definitions:

Fordism

A manufacturing philosophy that aims for mass production and high efficiency, characterized by large-scale industrial processes and assembly line production.

Taylorism

Refers to a scientific management theory developed by Frederick Winslow Taylor, emphasizing efficiency, productivity, and systematic organization of work.

Scientific Management

A management theory that analyzes work flows to improve economic efficiency, especially labor productivity, by employing empirical research methods.

Specialized Fields

Areas of expertise or study that focus on a specific subject matter, technique, or profession, often requiring advanced knowledge and skills.