Which One of the Following Is a Characteristic of a JIT

question 81

Multiple Choice

Which one of the following is a characteristic of a JIT partnership?

• A) large number of suppliers
• B) maximal product specifications imposed on supplier
• C) active pursuit of vertical integration
• D) removal of incoming inspection
• E) frequent deliveries in large lot quantities

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Definitions:

Domestic Surplus

The excess of a country's production over its domestic consumption, often leading to exports.

Domestic Shortage

A Domestic Shortage occurs when the quantity demanded of a good or service in a country exceeds the quantity supplied at the current market price, leading to scarcity.

World Price

The price at which goods are traded on the global market.

Supply Curves

Graphical representations showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell.