Mass Customization Is Tailoring Products to Meet the Needs of a Large

question 207

True/False

Mass customization is tailoring products to meet the needs of a large number of individual customers.

---

Definitions:

Engel Curve

Curve relating the quantity of a good consumed to income.

Quantity Consumed

The total amount of a good or service that is used or purchased by consumers within a particular period of time.

Downward-Sloping

Describes a line or curve on a graph that shows a decrease in one variable in response to an increase in another.

Price-Consumption Curve

A curve that shows how a consumer's optimal choices change as the price of a good changes, holding income and other prices constant.