Which of the Following Terms Is Correctly Described

question 59

Multiple Choice

Which of the following terms is correctly described?

• A)Lean manufacturing allows a company to achieve efficient levels of high-volume,low-cost production.
• B)Synchronous manufacturing reduces flexibility in responding to customer demand.
• C)Agile manufacturing refers to manufacturing in multiple locations.
• D)Distributed manufacturing refers to using different teams in the manufacturing process to maintain objectivity.

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Definitions:

Marginal Revenue Product

The additional revenue generated from using one more unit of a factor of production, holding all other factors constant.

Law of Diminishing Returns

This economic law states that after a certain point, successive increments of a single factor of production yield progressively smaller increases in output.

Competitive Market

A market environment where numerous producers and consumers interact, leading to price competition and variety in products.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, such as labor or capital, in the production process.