Final answer:
Custom cabinets are least likely to be produced in a process operation as they are tailored and not standardized, unlike slacks, calculators, smartphones, and hammers, which are typically mass-produced.
Step-by-step explanation:
The least likely product to be produced in a process operation among the options is custom cabinets. Process operations are typically associated with mass production and standardization, where each product is identical, or nearly so, and produced in a continuous flow. Custom cabinets, being personalized and made-to-order, align better with job shop production, which is designed to handle special orders and custom work. On the other hand, products like slacks for casual wear, calculators, smartphones, and hammers are more likely to be mass-produced using a process operation due to their standardized nature and high demand, which benefits from economies of scale.
When considering changes in production technology due to cost variations, firms typically aim to minimize total cost. If the cost of machines increases, the firm would gravitate towards production technology 2, incorporating more labor and less capital to reduce costs. Conversely, if machine hours become cheaper, production technology 3 would be preferable, leading to a shift towards more machines and less labor.