Which of the Following Industries Is Most Likely to Have

question 3

Multiple Choice

Which of the following industries is most likely to have low equipment utilization?

• A) cereal manufacturing
• B) gourmet restaurants
• C) auto manufacturing
• D) oil refining

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Definitions:

Productive Efficiency

A situation in which an economy or entity is operating in such a way that it cannot produce more of one good without producing less of another.

Creative Destruction

The process by which new innovations cause older technologies, companies, or products to become obsolete, driving economic growth through continuous renewal.

Dominant Firms

Companies that have a major portion of market share and can significantly influence market conditions and prices.

New Products

Items or services that have recently been introduced to the market and offer new features, functionalities, or benefits to consumers.