Which of the Following Is a Characteristic Shared by a Perfectly

question 83

Multiple Choice

Which of the following is a characteristic shared by a perfectly competitive firm and a monopoly?

• A)Each must lower its price to sell more output.
• B)Each sets a price for its product that will maximise its revenue.
• C)Each maximises profits by producing a quantity for which marginal revenue equals marginal cost.
• D)Each maximises profits by producing a quantity for which price equals marginal cost.

Understand the concept of design capacity and effective capacity, and calculate system efficiency.

Identify bottleneck stations in a production line and understand their impact on system throughput.

Recognize strategies for demand management and capacity increase in operations management.

Calculate the efficiency and utilization of a training or production system.

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Definitions:

Cost-Benefit Analysis

A decision-making process that compares the costs of an action or investment to the benefits derived, to assess its feasibility or value.

Qualitative Benefits

Non-numerical advantages or positive outcomes resulting from a policy, program, or project, such as improved customer satisfaction or employee morale.

Mission Statement

A concise declaration of an organization's core purpose and focus that informs its goals, culture, and strategy.

Future Position

A strategic goal or objective that an organization or individual plans to achieve in the future.