Human Effort Is Often Replaced by Electromechanical Devices in Operations

question 45

True/False

Human effort is often replaced by electromechanical devices in operations such as welding,materials handling,design,and drafting.This is called automation.

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Definitions:

Demand Curve

An economic representation that illustrates the quantity of a good that consumers are willing and able to buy at various prices, typically downward sloping from left to right.

Productive Efficiency

A state where goods are produced at the lowest possible cost, utilizing resources effectively without waste.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the number of units produced, showing the cost per unit of output.

Short-run Equilibrium

A state in an economy or market where supply equals demand, considering that some factors (like capital) are fixed in the short term.