The Term Standardization Means

question 14

Multiple Choice

The term standardization means

• A)ensuring that every product has the same quality.
• B)that similar products,manufactured by different companies,all operate in the same manner.
• C)making identical,interchangeable components or products.
• D)making the exact product the customer wants.
• E)all of the above.

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Definitions:

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a product for which every seller’s offering is identical.

Economic Difference

The disparity in wealth, income, and living standards between different economies or within sectors of the same economy.

Perfectly Competitive

A market structure characterized by many buyers and sellers, where each has negligible influence on the market price of homogeneous products.

U.S. Airline Industry

A sector that encompasses all airlines operating within the United States, including domestic and international carriers.