Mass Customization

question 66

Multiple Choice

Mass customization:

• A) is enhanced by a company's use of computer-aided manufacturing systems to produce and deliver products and services in a batch size of one.
• B) is usually appropriate in situations where there is the potential for differentiating a product for a particular customer.
• C) typically requires the company to reconceptualize the design of its products as well as the design and integration of the processes used for producing and delivering the product to customers.
• D) all of the above
• E) two of A, B, and C

---

Definitions:

Quantity Demanded

The amount of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.

Market Price

The current price at which a good or service is bought and sold in a market, determined by the interplay of supply and demand.

Purely Competitive Market

A market structure characterized by many buyers and sellers, homogeneous products, and free entry and exit, leading to price being dictated by supply and demand.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing surplus value created.