Which of the Following Is NOT One of the Seven

question 30

Multiple Choice

Which of the following is NOT one of the Seven Wastes?

• A) Excess inventory
• B) Environmental waste
• C) Waiting
• D) Scrap and rework

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Definitions:

Market Price

is the current price at which a product, security, or commodity can be bought or sold in a marketplace.

Value

An individual’s value for a good or service is the amount of money he or she is willing to pay for it.

Law of Diminishing Marginal Value

, also known as the Law of Diminishing Marginal Utility, states that as a person consumes more of a product, the satisfaction or utility from consuming each additional unit declines.

First Slice

The initial allocation or offering of a resource, opportunity, or product, indicating priority or privilege in its reception.