A Process Layout ______

question 63

Multiple Choice

A process layout ______.

• A)is often used in job shops
• B)is used to produce high volumes of products
• C)is more difficult to change than a fixed layout
• D)is used in oil refineries

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Definitions:

Demand

The desire for a particular product or service coupled with the ability and willingness to pay for it.

Perfectly Elastic

A situation in economics where the quantity demanded or supplied responds infinitely or vastly to any change in price.

Elasticity Measures

These are metrics used in economics to assess how the quantity demanded or supplied of a good changes in response to changes in price or other factors.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater than one indicating a high responsiveness.