In the Context of Woodward's Classification Schemes for Technology, Custom

question 6

Multiple Choice

In the context of Woodward's classification schemes for technology, custom shoemaking involves:​

• A)​the use of unit technology.
• B)​process production.
• C)​the use of mass technology.
• D)​large-batch production.

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Definitions:

Budget Line

A graphical depiction of all possible combinations of two goods that can be purchased with a fixed amount of income, given their prices.

Indifference Map

A graphical representation in microeconomic theory of a consumer's preferences, showing different combinations of goods among which the consumer is indifferent.

Total Utility

The complete pleasure or advantage an individual obtains from the consumption of a specific amount of products or services.

Budget Line

A graphical representation of all possible combinations of two goods that an individual can afford, given their income and the prices of the goods.