In _____ Technology, Raw Materials Are Transformed to a Finished

question 78

Multiple Choice

In _____ technology, raw materials are transformed to a finished product by a series of machine transformations in such a way that the composition of the materials themselves is changed.

• A) product-customization
• B) large-batch
• C) mass-production
• D) continuous-process
• E) small-batch

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Definitions:

Price-Output Combination

The specific level of output and the price at which that output is sold in the market, relevant in contexts of market equilibrium and firm strategies.

Total Revenue

The total amount of money a firm receives by selling goods or services.

Elastic

refers to the responsiveness of demand or supply to changes in price or income.

Revenue Curves

Graphical illustrations that depict how a company's or industry's revenue changes in response to changes in price or other economic factors.