Which of the Following Statements Is Most Accurate

question 228

Multiple Choice

Which of the following statements is most accurate?

• A) Most manufacturing firms are turning to an assembly line layout to produce output as efficiently as possible.
• B) For service firms, the main objective in facility layout usually is to centralize the control of operations.
• C) Facility layout is important for manufacturing plants because facilities layout decisions can have a huge impact on the firm's costs.
• D) In a modular layout, workers are assigned a specific station along an assembly line and specialize in performing a specific task.

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Definitions:

Imperfect Competition

Imperfect competition is a market structure where the conditions necessary for perfect competition are not met, leading to price and output decisions that are influenced by individual firms.

Efficient Market Outcomes

Refers to a scenario where market prices fully reflect all available information, leading to an optimal allocation of resources.

Monopolistic Competitive Industries

Industries characterized by many firms offering slightly differentiated products, where each has some degree of market power.

Market Power

The ability of a firm or group of firms to raise and maintain prices above the level that would prevail under competition.