Question

The ability of some firms to manufacture unique products in relatively small quantities at lower costs is due to advances in ______ technologies. (Check all that apply.)

Answer 1

Advances in production technologies enable firms to manufacture unique products in small quantities at lower costs. Firms can choose from various technologies, such as automated systems or robots, to increase efficiency and reduce the need for labor.

Step-by-step explanation:

The ability of some firms to manufacture unique products in relatively small quantities at lower costs is due to advances in production technologies. These technologies refer to alternative methods of combining inputs, such as labor and physical capital, to produce outputs. Firms can choose from various production technologies, including investing in automated systems or robots, which can reduce the need for labor and increase efficiency. By selecting the right production technology, firms can lower costs and gain a competitive advantage.