A Major Drawback of the ________ ________ Process Is That

question 31

Short Answer

A major drawback of the ________ ________ process is that it can involve a greatly extended check-out period.

---

Definitions:

Output

The aggregate output of products or services generated by a corporation, sector, or economic system.

Price-Taker Market

A market in which sellers have no ability to influence the price of the goods or services they sell; price is determined by supply and demand.

Marginal Cost

The expense associated with manufacturing an extra unit of a product.

Marginal Revenue

The additional income received from selling one more unit of a good or service.