Who Was the Person Most Responsible for Popularizing Interchangeable Parts

question 71

Multiple Choice

Who was the person most responsible for popularizing interchangeable parts in manufacturing?

• A)Frederick Winslow Taylor
• B)Henry Ford
• C)Eli Whitney
• D)Whitney Houston
• E)Lillian Gilbreth

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Definitions:

Oligopoly

A market structure characterized by a small number of firms that have significant control over market prices and competition levels.

Barriers To Entry

Obstacles or hindrances that make it difficult for new competitors to enter a market or industry.

Herfindahl Index

A measure of market concentration that squares the market share of each firm competing in the market and sums the resulting numbers.

Oligopolistic Industry

A market structure characterized by a small number of large firms dominating the industry, leading to limited competition.