For One Product That a Firm Produces,the Manufacturing Cycle Efficiency

question 152

Multiple Choice

For one product that a firm produces,the manufacturing cycle efficiency is 20 percent.If the total production time is 12 hours,what is the total manufacturing time?

• A)15.0 hours
• B)60.0 hours
• C)12.0 hours
• D)2.4 hours

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Definitions:

Marginal Social Benefit

The additional benefit to society from producing or consuming one more unit of a good or service.

Private Market

A sector of the economy where transactions are made between private individuals or corporations without significant government intervention.

Common Resources

Refers to goods that are non-excludable and rival in consumption, such as fish stocks in the ocean or public parks, where usage by one person reduces availability for others.

Marginal Social Cost

The cost to society of producing one additional unit of a good or service.