Options that offer a firm the ability to adapt to changes in inputs,outputs and maintaining excess production capacity are known as:

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Flexibility options refer to the ability of a firm to adapt to changes in inputs and outputs, as well as maintaining excess production capacity. This can include the ability to change production processes, switch suppliers or products, or invest in new technologies. This flexibility can help a firm to better manage risk and respond to changes in the market, making it a valuable option to have in the business.

Options That Offer a Firm the Ability to Adapt to Changes