Joey Has Worked in a Bicycle Factory for Several Months

question 43

Multiple Choice

Joey has worked in a bicycle factory for several months.The assembly process requires multiple tasks, and over the months Joe's supervisor has assigned him to several different jobs throughout the production line.His most recent assignment is applying the custom paint and adding the decals.Adding the decals requires perfection, and Joe does it quickly and always performs the task well, so his supervisor will keep him in this position.This is an example of

• A)standard operating procedures.
• B)time-and-motion study.
• C)job specialization.
• D)the human relations movement.
• E)job rotation.

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Definitions:

Perfectly Inelastic

Describes a situation where the demand or supply for a good or service does not change in response to price changes.

Price Elasticity

An evaluation of how the requested quantity of a merchandise alters in response to price adjustments.

Perfectly Inelastic

A market condition where the quantity demanded does not change as the price changes.

Price Elasticity

A measure of how sensitive the quantity demanded of a good is to a change in its price.