Refer to the Indifference Curve in the Diagram Above

question 136

Multiple Choice

Refer to the indifference curve in the diagram above.The marginal rate of substitution is equal to

• A) the rate at which apples can be substituted for bananas without changing total satisfaction.
• B) the rate at which bananas can be substituted for apples without changing total satisfaction.
• C) the rate at which apples can be substituted for bananas such that total satisfaction will be increased.
• D) the rate at which apples can be substituted for bananas such that total satisfaction will be decreased.
• E) the rate at which bananas can be substituted for apples such that total satisfaction will be increased.

Understand the principles of JIT and their application for competitive advantage.

Recognize the concepts and terminologies associated with JIT systems.

Identify methods of employee empowerment within JIT frameworks.

Understand the concept of minimum inventory in JIT systems and its importance.