Suppose the Supply of Non-OPEC Oil Increases Due to New

question 88

Multiple Choice

Suppose the supply of non-OPEC oil increases due to new petroleum discoveries in other countries. What happens to the price of oil on the world market?

• A) Increases
• B) Decreases
• C) Remains the same
• D) We do not have enough information to answer this question.

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Definitions:

Just-In-Time (JIT)

Continuous and forced problem solving via a focus on throughput and reduced inventory.

Inventory

A company's stock of goods, materials, and products held to fulfill future sales or production needs.

Product-Based Definition

Characterization of a product strictly in terms of its physical attributes and features.

Poka-Yoke

Literally translated, “foolproof”; it has come to mean a device or technique that ensures the production of a good unit every time.