Which of these statements accurately captures a current trend in operations?Products and services are designed more quickly and by teams.Cost competition is more important than any other basis for competition.There is increased focus on local markets and local competition.Jobs are increasingly specialized as workers focus on basic assembly tasks.

Which of these statements accurately captures a current trend in operations?Products and services are designed more quickly and by teams.Cost competition is more important than any other basis for competition.There is increased focus on local markets and local competition.Jobs are increasingly specialized as workers focus on basic assembly tasks.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter23: Managing Vertical Relationships

Section: Chapter Questions

Problem 8MC

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Similar questions

Suppose you observe that a particular business has earned positive profits over time and maintained a large share of the market. Which of the following is likely to be true? Group of answer choices Demand for the product is probably elastic The business must be engaging in price discrimination There is probably a barrier to entry preventing new firms from competing Supply must be inelastic Government intervention in this market is probably limited
The supply curve overtime is more elastic than the supply curve over the short period of time because, given sufficient time *production techniques become more expensive.new firms can enter the industry and old firms can increase their plant size.producers become more competitive.consumers become more demanding. Economic profit is frequently *greater than total revenue.defined as total revenue minus total fixed cost.irrelevant to the owner of a firm who is concerned instead with accounting profits.less than accounting profit. Diminishing returns *characterize all stages of production.eventually occur in all short-run production situations.are always associated with declining average product in the short-run.exist in the short run, because as additional units of an input are hired, the firm has to accept less satisfactory units.
In the past century, manufacturing facilities in the U.S. moved away from large market areas due to… increasing transportation costs and increasing wages in market areas. decreasing wages in market areas and weakening economies of scale in production in market areas. decreasing transportation costs and increasing wages in market areas. decreasing transportation costs and increasing economies of scale in production in market areas. increasing transportation costs and decreasing wages in market areas.
Which statement is true? a. Socio-cultural factors do not determine the goods that society is likely to value b. Socio-cultural factors do not affect the business c. Trends in socio-cultural factors may create new opportunities for a company d. Trends in socio-cultural factors guarantee the increase of company profit
The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase or decrease the size of its physical plant is considered the Group of answer choices immediate run. short run. long run. market opening. cannot be determined with the given information. Give typing answer with explanation and conclusion
Demand in an industry is expected to decrease permanently. Before the decrease in demand the industry was in a long-run equilibrium in which the number of firms was stable. What does the perfect competition model predict will happen to the price in the long-run after the decrease in demand? Group of answer choices The price will decrease The price will decrease if it is an increasing cost industry. The price will increase if it is an increasing cost industry. The price will increase
The quantity demanded in the widget market is significantly greater than the quantity found at the bottom of the LRAC. Based on this information, which of the following is likely to occur? Only one firm will produce and sell widgets. Many firms will compete in the widget market. A monopoly will form in the widget industry. Most firms will experience diseconomies of scale. Market demand and the LRAC determine which of the following? The number of firms that will exist in an industry The number of firms with diseconomies of scale The level of output for firms in an industry The average size of firms in an industry
Then, plot points along the portion of the firm's short-run supply curve that corresponds to prices where there is positive output.
The part below (in bold) describes a firm that was an early mover in its market. In light of the information provided, indicate whether the firm’s position as an early mover is likely to be the basis of a sustainable competitive advantage. An early mover has the greatest cumulative experience in a business in which the slope of the learning curve is ONE one.
A small number of business houses with diversified businesses control a large part of the country's economy in several nations in Asia. Which of the following is a compelling explanation for this phenomenon? Business groups can act to compensate for institutional voids Family businesses are easier to control The gains from synergies of a multi business strategy is higher than costs associated with it Business groups add value through centralized corporate functions
A firm supply curve is upsloping because: the expansion of production necessitates the use of qualitatively inferior inputs. mass production economies are associated with larger levels of output. consumers envision a positive relationship between price and quality. beyond some point the production costs of additional units of output will rise.
You are a manager of a firm that experiences economies of scope between all the products manufactured. If the company decides to sell off an unprofitable business line, it could lead to: a major reduction in costs. only a minor reduction in costs. only a minor reduction in sales. a major reduction in sales.