Companies Utilizing JIT Systems Generally Have

question 7

Multiple Choice

Companies utilizing JIT systems generally have

• A) many suppliers to assure that material shortages never occur.
• B) suppliers that are located nearby to decrease delivery lead time.
• C) suppliers that are willing to accept short-term contracts.
• D) suppliers who are low-cost producers.

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Definitions:

Backward Sloping

Describes a demand curve that defies the usual law of demand, showing less quantity purchased as the price decreases.

Labor-supply Curve

A visual chart that displays the connection between the amount of work provided by employees and the rate of pay.

Labor

The physical and mental exertion of humans utilized in creating goods and services.

Leisure

Free time when one is not working or attending to other duties.