Cost Reductions Gained Through Mass-Producing a Standardized Output Are a Source

question 67

True/False

Cost reductions gained through mass-producing a standardized output are a source of scale economies.

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Definitions:

Revocation

The act of officially withdrawing, cancelling, or annulling something, such as a license, will, or law.

Offeree

The person or entity to whom an offer is made in contract law.

Effective

Producing a decided, decisive, or desired effect, often used to describe rules, policies, or products that achieve their goals.

Lefkowitz V. Great Minneapolis

A landmark case in contract law where it was ruled that an advertisement giving specific details to the public constitutes a binding offer which when accepted completes a contract.