Who Devised an Assembly Line to Begin Mass Production of Sewing

question 50

Multiple Choice

Who devised an assembly line to begin mass production of sewing machines in the 1850s?

• A)Isaac Singer
• B)Albert McCormick
• C)Isaac Smith
• D)Henry Clay Singer

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Definitions:

Price Per Unit

The cost assigned to a single unit of a product or service, used to determine the total price for a specific quantity.

Economic Profits

A rephrased definition of economic profit, emphasizing the gains a firm makes in excess of its total operational costs, including opportunity costs.

Monopoly

A market structure characterized by a single seller or producer supplying a unique product or service, with significant barriers to entry for potential competitors.

Price Effect

The impact on the market or consumers' purchasing behavior due to a change in the price of a good or service.