Which of the Following Would You NOT Expect to Find

question 22

Multiple Choice

Which of the following would you NOT expect to find in a company attempting to implement lean/just-in-time production?

• A)Emphasis on flexible,cross-trained workers
• B)Inspections after each piece is produced
• C)Frequent changeovers from one product to another
• D)Emphasis on preventive maintenance for equipment

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Definitions:

Income Elasticity of Demand

A measure of how the quantity demanded of a good changes in response to a change in consumers' income.

Inferior Good

A type of good whose demand decreases as the income of consumers increases, contrasting with normal goods.

Supply

The total amount of a good or service that is available for purchase at any given price.

Perfectly Inelastic

Describes a situation where the quantity demanded or supplied does not change in response to a price change.