___________________ Is the Mathematical and Natural Science Application to Maximize

question 20

Multiple Choice

___________________ is the mathematical and natural science application to maximize labor efficiency utilizing appropriate equipment and task structure using time and motion studies.

• A) ergonomics
• B) competency model
• C) job analysis
• D)industrial engineering

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Definitions:

Price-searcher

A market participant who determines the price of goods or services based on the level of demand and supply, often in imperfectly competitive markets.

Selling Additional Units

Involves the process and strategies of increasing sales by offering more units of a product to the market.

Contestable Markets

Markets where the entry and exit of firms are so easy that the market always remains competitive, ensuring that prices remain close to marginal costs.

Barriers To Entry

obstacles that make it difficult for new competitors to enter a market, including high startup costs, access to technology, and stringent regulations.