When the Price of an Input _____,A Firm's Least-Cost Production

question 14

Multiple Choice

When the price of an input _____,a firm's least-cost production method never uses ______ of that input and usually employs _____.

• A) increases; less; the same amount
• B) increases; less; more
• C) decreases; more; less
• D) decreases; less; more

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Definitions:

Competitive Advantage

The attributes that allow an organization to outperform its competitors, such as cost, product differentiation, and market access.

5Ss

A Lean production checklist.

Lean Production

An organized approach to reducing waste in a production system while maintaining output levels.

Waste Reduction

The process of minimizing waste generation by using fewer resources and recycling or reusing materials whenever possible.