A Company Uses Machines Programmed to Process Different Part Types

question 64

Multiple Choice

A company uses machines programmed to process different part types simultaneously,allowing them to mass-produce customized products.This company uses a ________ manufacturing process.

• A) mass
• B) customer-driven
• C) flexible
• D) prospect-to-cash
• E) lean production

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Definitions:

Long-run Equilibrium

A state in which all factors of production can be adjusted, and all economic agents have fully adapted to any changes, resulting in a stable economy with no tendency for change.

Economic Profit

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs.

Average Cost

The total cost divided by the quantity produced, representing the cost per unit of output.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers at various prices.