Figure 13-12

question 107

Multiple Choice

Figure 13-12
-Refer to Figure 13-12.If the figure in panel (a) reflects the long-run equilibrium of a profit-maximizing firm in a competitive market,the figure in panel (b) most likely reflects

• A) perfectly inelastic long-run market supply.
• B) perfectly elastic long-run market supply.
• C) the entry of firms into the industry when some resources used in production are available only in limited quantities.
• D) the fact that zero profits cannot be sustained in the long run.

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Definitions:

Standard Time

An adjustment to the total normal time; the adjustment provides allowances for personal needs, unavoidable work delays, and fatigue.

Average Observed Time

The arithmetic mean of the times for each element measured, adjusted for unusual influence for each element.

Visual Workplace

Uses a variety of visual communication techniques to rapidly communicate information to stakeholders.

Hawthorne

Refers to the Hawthorne Effect, a phenomenon where people improve or modify an aspect of their behavior in response to their awareness of being observed.