Which of the Following Is NOT an Advantage of the Predetermined

question 148

Multiple Choice

Which of the following is NOT an advantage of the predetermined data approach to work measurement?

• A)Standards can be set before production begins.
• B)New work methods can be compared without conducting a time study.
• C)Performance ratings are not needed to derive standards.
• D)The approach is particularly applicable to firms with a flexible flow strategy.

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Definitions:

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogeneous product, and freedom of entry and exit, leading to price taking behavior by all firms.

Long-run Equilibrium

Describes a state in a market where supply equals demand, with sufficient time for all factors of production to adjust and no external pressures.

Demand

The measure of a commodity or service consumers intend and are able to acquire at multiple price levels during a set time span.

Economic Profits

Profits exceeding the opportunity costs of all resources employed, including both explicit and implicit costs, signifying above-normal returns.