When Levi's Makes Custom Jeans,the Jeans Are Still Just an Assembly-Line

question 83

True/False

When Levi's makes custom jeans,the jeans are still just an assembly-line product because they have to be manufactured in a traditional factory.

---

Definitions:

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, representing the additional return over the investor's opportunity cost.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own production instead of earning revenue from these resources elsewhere.

Explicit Costs

These are the direct, out-of-pocket payments made by businesses for operational expenses like wages, rent, and materials.

Monetary Outlay

The amount of money spent on a particular transaction or investment.