Design Flexibility Is the Ability to Respond Quickly to Changes

question 68

True/False

Design flexibility is the ability to respond quickly to changes in the volume and type of demand.

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Definitions:

Income

Earnings acquired, frequently on a steady basis, through employment or investing activities.

Consumer Equilibrium

The point at which the quantity of goods and services a consumer chooses to buy equates to the maximum satisfaction or utility for their budget.

Budget Constraint

The limitation on the consumption bundles that a consumer can afford based on their income and the prices of goods.

Consumer Equilibrium

The point at which an individual's income is perfectly balanced with their consumption preferences, maximizing utility.