The Quick Response Program, Developed in the 1980's, Was an Offshoot

question 25

Multiple Choice

The Quick Response program, developed in the 1980's, was an offshoot of the following supply chain concept:

• A) Efficient Consumer Response
• B) Six Sigma
• C) Just-in-Time
• D) Kaisen

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Definitions:

Purely Competitive

A market structure characterized by a large number of sellers and buyers, homogeneous products, and no barriers to entry or exit.

Short-run Supply Curve

Represents the relationship between price and quantity supplied over a short period, assuming some inputs are fixed.

Marginal Cost Curve

A graphical representation showing how the cost to produce one additional unit of output changes as production increases.

Shut Down

A short-term decision by a firm to cease operations because operating costs exceed revenue, usually considered in the context of price being less than variable costs.