A firm can produce at a lower cost than its competitors by ______.
a. achieving economies of scale
b. increasing the cost of raw materials and labor
c. using cheap raw materials and inputs
d. cutting corners in production
a. achieving economies of scale
You might also like to view...
Which of the following statements best describes what is meant by setting control risk at100%?
a. Controls are effective. b. Controls are relevant. c. Controls are ineffective. d. Cannot be determined from the information given.
List the five elements of a firm's macroenvironment, and illustrate how each element affects the firm.
What will be an ideal response?
________ is the extraction of knowledge from data based on algorithms created from training data.
A. Processing data B. Machine learning C. Computer analysis D. Historical analysis E. Simulation
Operation splitting means:
A) locating work centers close together to reduce materials handling. B) running two or more jobs at the same time on the same machine. C) the same job running on two jobs at the same time. D) moving work to the next operation as a batch is completed.