Which of the Following Phrases Best Describes Product Focus

question 122

Multiple Choice

Which of the following phrases best describes product focus?

• A) low volume, high variety
• B) finished goods are usually made to order
• C) processes are designed to perform a wide variety of activities
• D) high fixed costs, low variable costs
• E) raw material inventories are high relative to the value of the product

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Definitions:

Price Mechanism

The system by which the prices of goods and services are determined in a free market, based on the principles of supply and demand.

Central Planning Agency

An organization responsible for directing economic activity according to a comprehensive plan, often in a centrally planned economy.

Business Firms

Entities that engage in commercial, industrial, or professional activities with the goal of generating profits for their owners or shareholders.

Equity

Ownership interest in a corporation in the form of common stock or preferred stock, representing a claim on its earnings and assets.