What is called an arrangement of workers machines, and equipment in which the product being assembled passes consecutively from operation to operation or the process in which finished products are turned out in a mechanically efficient, though impersonal, manner ?
Correct answer: C. Both of them
- A. Assembly line
- B. Production line
- C. Both of them
- D. None of them
Explanation
An assembly line or production line moves a product successively through specialised operations until it is finished. The two terms are commonly used for essentially the same production arrangement, so both apply.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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