Which of the Following Terms Refers to the Production of a Variety

question 6

Multiple Choice

Which of the following terms refers to the production of a variety of end products at a unit cost that could once be achieved only through bulk production of a standardized output?

• A)Lean production
• B)Just-in-time inventory
• C)Mass customization
• D)Specialized asset
• E)Dynamic capability

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Definitions:

Irrevocability

The quality of being irreversible or unchangeable, often used in legal contexts to describe contracts or decisions that cannot be revoked or undone.

Unilateral Contract

A contract in which one party makes a promise in exchange for the other party's performance, becoming binding once performance is completed.

Bilateral Promise

An agreement in which two parties make commitments to perform certain actions or obligations to one another.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to a second party when the latter has reasonably relied on that promise to their detriment.