Cost Reductions Can Be the Result of ________

question 179

Multiple Choice

Cost reductions can be the result of ________.

• A) price increments
• B) congestion due to scheduling a large number of rush orders
• C) producing products faster and more efficiently
• D) inappropriate assignment of labor or machines to specific jobs

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Definitions:

Comparative Advantage

The ability of an entity (could be a person, company, or country) to produce a good or service at a lower opportunity cost than another.

Domestic Prices

Relates to the cost of goods and services within a country's borders, which can be influenced by factors such as supply and demand, taxation, and government policies.

Euros

The official currency of the Eurozone, which is used by 19 of the 27 European Union member countries.

Tariff

A tax on imports.