As the Production Manager of an Engineering Firm, You Went

question 94

Multiple Choice

As the production manager of an engineering firm, you went out and bought a metal-cutting machine. What you have purchased can best be classified as a

• A) raw material.
• B) processed component.
• C) component part.
• D) service.
• E) business product.

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Definitions:

Oligopolistic Markets

Markets characterized by a few large producers that have the ability to influence prices, but must consider the actions of their rivals.

Minimum Efficient Scale

The lowest level of output at which a firm can minimize long-run average total cost.

U.S. Agriculture

The sector of the United States economy that deals with the production of plants and animals for food, fiber, and other products.

Farm Share

The portion of the final retail price of agricultural products that goes back to the farmers.