An Advantage of the Elemental Standard Data Approach Is That

question 108

Multiple Choice

An advantage of the elemental standard data approach is that there is:

• A)a reduction in the number of time studies needed.
• B)no need to estimate allowances.
• C)no need to use time study methods.
• D)no need to estimate the variable characteristics of jobs.

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Definitions:

Duopoly

A market structure characterized by two producers/sellers in competition with each other.

Constant Costs

Costs that remain unchanged regardless of the level of output or activity within a certain range.

Corncob Pipes

Pipes made from the dried cob of a corn plant, often used for smoking tobacco.

Cournot Reaction Function

A mathematical representation in economics that shows how one firm reacts to the quantity choice of another firm in a duopoly market setting.